Lockheed Martin Closing Plants, Cutting 4,000 Jobs

CEO says, "In the face of government budget cuts and an increasingly complex global security landscape, these actions are necessary for the future of our business."

Defense contractor Lockheed Martin is cutting 4,000 jobs and closing four plants, blaming a decline in U.S. government spending for the layoffs.

The company said the locations to be closed are in Newtown, Pa.; Akron, Ohio; Goodyear, Ariz.; and Horizon City, Texas. Between them they have 2,000 jobs. In addition it will close four buildings on its Sunnyvale, Calif., campus, eliminating another 2,000 jobs.