Defense contractor Lockheed Martin Corp said that it has slashed its workforce by 740 as part of efforts to save costs amid challenging budget environment.
The company, in a statement on Wednesday, said job cuts will take place in its Mission Systems & Sensors (MS2) business, which provides systems engineering, software development for global security and commercial markets.
The US-based defense contractor and aerospace firm notified 308 of its US-based employees about their termination with the company.
Earlier in May, 432 employees of the company had voluntarily exited the MS2 division as part of the "voluntary layoff program."
The company noted that current layoffs along with the voluntary exits have reduced the total workforce of MS2 by nearly five per cent or about 740 employees.
Overall, Lockheed Martin has about 123,000 employees across the world.
"Given the budget pressures facing our customers, Lockheed Martin is examining every aspect of our business to ensure we are as efficient and cost effective as possible in meeting their needs," Lockheed Martin Mission Systems & Sensors Business president Dale P Bennett said.
"Reducing our workforce is a difficult but necessary decision to position our business for future growth and ensure we remain competitive," Bennett said.