Posted: Wed, Jun 15, 2011, 8:08 AM ET (1208 GMT)
Lockheed Martin Space Systems announced Tuesday that it will lay off 1,200 of its 16,000 employees by the end of the year. The company described the planned layoffs as a "difficult but necessary action" to keep the company competitive in the future. Middle management will suffer the brunt of the cuts, with a planned reduction of 25 percent. Lockheed's Sunnyvale, California, facility will have the most layoffs, followed by those in Pennsylvania and Denver, although the company did not disclose exact layoff numbers.

Related Links:

•  Denver Post article
•  AP article
•  Washington Business Journal article
•  Space News article
•  Lockheed Martin press release