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Aftershocks from the financial earthquake at Astrolink International LLC have hit Lockheed Martin Corp. (LMT), a 31-percent owner of the joint venture intended to provide satellite broadband services to businesses.
Lockheed is facing a bottom-line impact and job cuts totaling as many as 760 employees, company sources said. If Lockheed were to write off its total investment in and receivables from Astrolink, the after-tax charge would be approximately $420 million and would cut net earnings by roughly $275 million in the fourth quarter, according to the company's 10-Q filed with the Securities and Exchange Commission last week.
Lockheed Martin Space Systems' Maryland, Colorado and California offices face 360 job cuts effected by layoffs, attrition and transfers to other parts of Lockheed Martin, the company announced Wednesday. Lockheed Martin Space Systems designs, builds and operates satellites and...