Lockheed Martin to furlough 3K workers

BETHESDA, Md. Lockheed Martin (LMT) plans to furlough 3,000 employees on Monday because of the ongoing government shutdown.

The big defense contractor also said Friday that the number of employees put on furlough will increase weekly if the shutdown continues.

Lockheed says the furloughs include employees who are unable to work because the government facility where they perform their work is closed, those whose work requires a government inspection that cannot be completed or the company has received a stop work order.

"I'm disappointed that we must take these actions, and we continue to encourage our lawmakers to come together to pass a funding bill that will end this shutdown," said Lockheed Martin CEO Marillyn Hewson in a memo to employees. " If you want to make your voice heard on this issue, I urge you to contact your members of Congress on your personal time."

Earlier this week, United Technologies Corp. (UTX) announced that it will furlough 2,000 employees by Monday and more than 5,000 if the shutdown continues into next month.

The company said Wednesday that its Sikorsky division, which makes Black Hawk helicopters, would be hit first. It expects nearly 2,000 employees, including those employed at facilities in Connecticut, Florida and Alabama, will be furloughed on Monday.

The Hartford, Conn.-based manufacturer said it would halt some defense manufacturing because government inspectors themselves have been furloughed. That leaves it without the necessary federal approvals to make military products.

On Friday, Lockheed Martin, which is based in Bethesda, Md., urged Congress and the Obama administration to find a resolution.

The partial government shutdown took effect Tuesday and has idled roughly 800,000 "non-essential" federal workers.

Lockheed Martin shares fell 53 cents to $122.30 in afternoon trading Friday. Its shares are still near the higher end of their 52-week range of $85.88 to $131.60.

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