Lockheed Martin Corp., the world’s largest defense contractor, dropped plans to issue layoff notices in anticipation of across-the-board defense spending cuts set to begin Jan. 2.
Lockheed said today in an e-mailed statement that it decided notices under the Worker Adjustment and Retraining Notification Act aren’t needed “after careful review” of guidance issued last week by the White House Office of Management and Budget and the Defense Department.
Defense contractors led by Bethesda, Maryland-based Lockheed had said they might be compelled to warn thousands of workers their jobs might disappear unless President Barack Obama and Congress act before January to avert the spending cuts. Such 60-day notices would have gone out just before the Nov. 6 elections.
Source: Businessweek. Read full article. (link)