Lockheed Martin Corp. - up to 10,000 Layoffs Possible Due to Budget Cuts

http://www.bloomberg.com/news/2012-07-17/lockheed-may-fire-10-000-under-budget-cuts-stevens-says.html

The “seat of the pants” estimate is based on expected budget cuts of about 10 percent in defense and 8 percent in other government programs, according to testimony that Stevens, chairman and chief executive officer of the world’s largest defense contractor, plans to deliver to the House Armed Services Committee tomorrow.
The company is obligated by federal law to give workers 60 days’ notice of mass layoffs before the cuts, known as sequestration, start taking effect Jan. 2, he said. Stevens and Bethesda, Maryland-based Lockheed have taken the lead in asserting the budget cuts would require advance warning to workers for contractors and their suppliers.