Lockheed Martin to cut 500 jobs

Lockheed Martin is eliminating about 500 jobs from its Information Systems & Global Solutions segment, as the defense contractor adjusts to changing government priorities and tries to sharpen its competitiveness.

The Associated Press reports the aerospace and defense contractor employs 112,000 people globally, meaning the cuts amount to less than 1 percent of its total workforce.

Cuts, which would include voluntary and involuntary layoffs, are expected to be completed by mid-November.

In a statement, executive Sondra Barbour said the cuts are being made "to remain competitive in an extremely challenging environment where industry dynamics have shifted, customer budgets are constrained and competition has continued to escalate."

Read more from The Associated Press.