Lockheed Martin to Cut 600 Jobs on Cancelled Presidential Helicopter

Lockheed Martin will cut 600 jobs in New York, as the federal government cancels a contract to produce a new presidential helicopter.

The cuts affect 25% of the workforce at Lockheed Martin’s Owego, New York plant.

The project was originally to cost $6.5 billion, but costs had skyrocketed to $13 billion; and the aircraft would not have been available until 2021.

Laid off workers will get 90 days pay and benefits, as well as other severance.

Lockheed Martin is a multinational aerospace manufacturer and advanced technology company, formed in 1995 by the merger of Lockheed with Martin Marietta, and employs 140,000 people worldwide. It is the world’s largest defense contractor by revenue.