Lockheed Martin cuts US jobs

Lockheed Martin, the world’s largest defence contractor, said last night that it plans to slash 4,000 jobs and shutter plants in several American states to reduce costs in the face of declining US military spending. The weapons-maker will close the affected facilities by mid-2015 to achieve job cuts that amount to more than three per cent of its global workforce. A number of defence companies have slashed jobs in response to US military budget reductions. Last month, British firm BAE Systems said it would close a Texas facility that builds combat vehicles and cut more than 300 jobs.