The company may cut 10,000 jobs if the defense budget cuts are enacted.
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."
Read the full article in The News Herald.