Interesting Defense news...

[Cvairwerks]

Boeing just announced significant cuts in their Defense side of the house. They are going to shed another 10% of management before the end of the year, close numerous operations in California and consolidate others. They also told employees that there were going to be an additional 1.6 billion in costs cuts between 2013 and 2015.

I have a sneaking suspicion that LM and NGC will be doing the same soon. How badly it is going to mess up current acquisition programs won't be known for a while, but you can bet that there wil be lots of collateral damage to all of the downstream suppliers. The other thing, is that this could be the imputus for the unit cost/quantity graveyard spiral that has been seen with several programs.

Gonna grab my popcorn and watch and see what happens over the next several weeks as my job and tens of thousands of others will depend on the outcome.

[Wildchild]

You can blame last night for that. And for the dow dropping 300 points in one day

[bdk]

Deleted.

Last edited by bdk on Wed Nov 07, 2012 11:44 pm, edited 1 time in total.

[Cherrybomber13]

Got this heads up from non other than my Mom down in Baltimore this afternoon...
Lockheed Martin Not Giving Layoff Notices (http://www.newsherald.com/news/government/lockheed-martin-threatens-big-cuts-1.43499)

The company may cut 10,000 jobs if the defense budget cuts are enacted.
NOVEMBER 7, 2012
Despite the possibility of laying off 10,000 workers if the defense budget cuts are enacted in January, Lockheed Martin is not notifying its workers of any mass layoffs.

According to The News Herald, Lockheed Martin sent a memorandum to its employees that it is not required to give notice of pending job cuts this year.

By law, employers must put out warning notices if massive layoffs are coming. However, the Obama administration told federal contractors not to issue the warnings because it was uncertain whether the budget cuts would go into place.

"We're removed a million and a half square feet from out facilities'footprint, and we will reduce another 2.9 million square feet before the end of 2014," says CEO Robert Stevens.

"Most painfully, today our workforce is 18% smaller than it was just three years ago. That means we have 26,000 fewer employees today, and the pace of our hiring has slowed considerably."

[bdk]

The end.

Last edited by bdk on Wed Nov 07, 2012 11:44 pm, edited 2 times in total.

[muddyboots]

Hey I know! Let's all make vague political comments and sneer because the sky is blue and we don't like it...That'll be fun and we'll all enjoy ourselves immensely.

[TROJANII]

You can blame last night for that. And for the dow dropping 300 points in one day

According to the news, it is due to the "fiscal cliff" coming up in January. Just coincidence it happened on the 7th.