Tuesday, August 26, 2014

Defense contractors slim down

Major defense contractors are getting smaller, according to an analysis by Politico. The number of employees at the five largest U.S. defense firms dropped 14 percent from a peak in 2008, and 10 percent over the past decade, according to an analysis of employment figures filed with the Securities and Exchange Commission. The analysis included Lockheed Martin, Boeing's defense unit, Raytheon, General Dynamics and Northrop Grumman. The five have in total eliminated 70,000 jobs since 2008, largely through layoffs, buyouts, attrition or, in the case of Boeing, moving employees to the commercial side of the business. Some companies have also made significant divestitures. The most prominent was Northrop's spinoff of shipbuilder Huntington Ingalls. (Source: Politico, 08/25/14) Gulf Coast connection: All the defense contractors have operations in the Gulf Coast I-10 aerospace region.