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By Jamie Smith Hopkins, The Baltimore Sun | October 4, 2013
Bethesda-based Lockheed Martin said Friday that it will furlough about 3,000 employees across the company beginning Monday and warned that more workers would likely be sent home in later weeks if the federal government's partial shutdown continues. Spokesman Gordon Johndroe said the company could not say Friday afternoon how many Maryland workers are in that group, but the furlough "affects all our business areas across the country. " Lockheed Martin employs about 7,500 people in the state.
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NEWS
By Jamie Smith Hopkins, The Baltimore Sun | October 4, 2013
Bethesda-based Lockheed Martin said Friday that it will furlough about 3,000 employees across the company beginning Monday and warned that more workers would likely be sent home in later weeks if the federal government's partial shutdown continues. Spokesman Gordon Johndroe said the company could not say Friday afternoon how many Maryland workers are in that group, but the furlough "affects all our business areas across the country. " Lockheed Martin employs about 7,500 people in the state.
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BUSINESS
By BLOOMBERG NEWS | October 2, 1997
MORRIS TOWNSHIP, N.J. -- AlliedSignal Inc. said yesterday that it will eliminate its division management structure and promote the presidents of two divisions to new positions as vice chairmen of the board.The company's businesses are now organized within its aerospace, automotive and engineered materials sector offices. AlliedSignal said those divisions will be eliminated within 30 days and replaced with 11 business units, providing the individual operations with more independence.The operations of the three divisional offices will be moved to the corporate or business-unit level or eliminated, the company said.
BUSINESS
Gus G. Sentementes | May 23, 2012
Depressing news coming out of California today: computer and printer giant HP announced a big restructuring plan that involves it saying goodbye to 27,000 workers, or 8 percent of its 325,000 global workforce , the company said . To put it in perspective, that's equivalent to everybody in Crofton, Md. ( Pop: 27,348 ), getting a pink slip. The company, which hasn't been able to come up with a competitor to the iPhone/iPad/mobile device space, said it expected to save $3-3.5 billion annually with the cuts beginning in 2014.
BUSINESS
November 3, 1995
EA Engineering, Science and Technology Inc. yesterday announced a major restructuring of the company into four "mega" business units, down from seven smaller units.The growth of the Hunt Valley firm, which helps companies clean or prevent environmental problems, has slowed due to the Republican takeover of Congress, said Loren D. Jensen, EA's chairman, president and chief executive.Many potential clients are now "standing on the sidelines" waiting to see whether relaxed environmental controls proposed the Republican majority actually go through, Mr. Jensen said.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | February 4, 1997
Lockheed Martin Corp. will spin off 10 business units with 4,900 employees as part of a corporate restructuring, the company said yesterday.The business units, which had combined revenues last year of $650 million, will create a new company called L3 Communications, based in New York City.Lockheed Martin's Bethesda headquarters declined to release financial details of the transaction, which it said would be subject to a definitive purchase agreement and regulatory approvals.The deal should close by the end of the first quarter, the company said.
BUSINESS
By New York Times News Service | November 6, 1992
BOSTON -- Robert B. Palmer, the new president and chief executive of the Digital Equipment Corp., said yesterday that the company was being restructured into eight to 10 "customer-focused" business units by the end of the year.Managers of the individual units would have "complete responsibility for business strategy, investments, revenue generation and profit and loss statements," he said.Addressing the company's first annual meeting of shareholders since he succeeded Digital's founder, Kenneth H. Olsen, in July, Palmer said he would announce the specific units and the executives in charge of each by the end of December.
BUSINESS
By TOM PETERS and TOM PETERS,1991, TPG Communications | November 18, 1991
In his so-called "Doom Speech," Percy Barnevik, president and CEO of Zurich's ABB Asea Brown Boveri Ltd., predicts two-thirds of big European businesses will fail in the wake of European economic integration -- unless they take Draconian steps to streamline operations.He prescribes strong medicine for firms in North America as well as Europe, beginning with the emasculation of central staffs.Any corporate center, Mr. Barnevik says, can be reduced by 90 percent in one year.Thirty percent of staffers, including, for example, all human-resource professionals, should be assigned to subordinate business units.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | June 23, 1999
Striving to rebuild itself to its former glory, defense stalwart General Dynamics Corp. has agreed to pay $1.05 billion in cash for three information technology units of GTE Corp., the companies said yesterday.The McLean, Va.-based General Dynamics is in the midst of a shopping spree that includes a $5 billion deal announced in May to acquire business jet maker Gulfstream Aerospace Corp., as well as failed attempts to buy Newport News Shipbuilding Inc. and, in 1997, United Defense LP.The latest deal is expected to add $1.2 billion a year in revenue to General Dynamics' bottom line, bringing its annual earnings to $9 billion and effectively reversing the dismantling that the company undertook earlier this decade when it faced a shrinking defense marketplace.
BUSINESS
By Ted Shelsby and Ted Shelsby,SUN STAFF | December 19, 1995
Polk Audio Inc., a Baltimore-based manufacturer of high-end loudspeakers, yesterday announced a restructuring of its operations and the appointment of a president.The new president, James M. Herd, takes over the day-to-day operations of the company, a duty formerly shared by Matthew S. Polk Jr., the chairman, and George M. Klopfer, the chief executive. Mr. Herd has been with the company for four years.Mr. Polk and Mr. Klopfer, founders of the company, will direct their attention to general policy-making and long-range planning, the company said.
BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | August 10, 2005
Fueled by continued growth in its subscriber base, Verizon Wireless is building a $22 million customer-service center in Howard County, a project that could create 300 new jobs by the end of this year, the company confirmed yesterday. An official announcement is scheduled for today. Construction is under way on the one-story, 139,000-square-foot facility on Coca-Cola Drive in Hanover, near Routes 100 and 295 near the Howard-Anne Arundel line. Company officials expect the state-of-the-art service center to be operational in November.
BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | January 21, 2005
Eric G. Regelin, president of Atlantic Builders Group in Rosedale, knows just how big a problem theft at construction sites can be. Several years ago, one of the company's backhoes disappeared, "never to be seen again," said Regelin. The company invested thousands of dollars in a custom security system for its equipment storage yard, an innovation that slashed theft. But the company had to scrap the system when it broke down because its builder had gotten out of the market. Losses from construction site theft come to billions of dollars every year and cut across multiple sectors - homebuilding, commercial construction and public works programs.
BUSINESS
By June Arney and June Arney,SUN STAFF | September 13, 2001
When Bob Leffler won the Tampa Bay Buccaneers advertising account in 1995, he sought bilingual help on the rare occasions when he needed to run football ads in La Gaceta, the area's major Spanish language newspaper. A few years later, when the Tampa Bay Devil Rays joined the Baltimore ad man's client roster, he'd grab nearly anyone he could find who spoke both Spanish and English to translate the radio commercials. "Say it in Spanish," Leffler would tell them. "I've got a lot of tickets to sell.
BUSINESS
By Robert Little and Robert Little,SUN STAFF | August 31, 2001
Mohammad Mansour is an Arab, and Levy Rabinson is a Jew. They think of themselves as much more than that, of course. They're fathers and businessmen, and each is a certified public accountant. But both men say that much of their lives is defined by their ethnicity because they live in Israel - where Jews mix with Jews, Arabs mix with Arabs and exceptions are almost always awkward and strained. It's a reality of life in their part of the world, and an intractable one. It's also bad for business, so they want it to change.
NEWS
By Cheryl Lu-Lien Tan and Cheryl Lu-Lien Tan,SUN STAFF | December 3, 1999
Annapolis business owners who want to save a downtown parking garage had expected to argue last night with residents who want the building razed but emerged instead as allies in a campaign to press local government to solve the state capital's parking crisis. Local attorney William M. Simmons called the meeting, held at a downtown coffeehouse, to discuss ways to lobby city officials to keep Anne Arundel Medical Center's 330-space garage at Shaw and South streets. The hospital is moving to Parole in 2001.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | June 23, 1999
Striving to rebuild itself to its former glory, defense stalwart General Dynamics Corp. has agreed to pay $1.05 billion in cash for three information technology units of GTE Corp., the companies said yesterday.The McLean, Va.-based General Dynamics is in the midst of a shopping spree that includes a $5 billion deal announced in May to acquire business jet maker Gulfstream Aerospace Corp., as well as failed attempts to buy Newport News Shipbuilding Inc. and, in 1997, United Defense LP.The latest deal is expected to add $1.2 billion a year in revenue to General Dynamics' bottom line, bringing its annual earnings to $9 billion and effectively reversing the dismantling that the company undertook earlier this decade when it faced a shrinking defense marketplace.
BUSINESS
Gus G. Sentementes | May 23, 2012
Depressing news coming out of California today: computer and printer giant HP announced a big restructuring plan that involves it saying goodbye to 27,000 workers, or 8 percent of its 325,000 global workforce , the company said . To put it in perspective, that's equivalent to everybody in Crofton, Md. ( Pop: 27,348 ), getting a pink slip. The company, which hasn't been able to come up with a competitor to the iPhone/iPad/mobile device space, said it expected to save $3-3.5 billion annually with the cuts beginning in 2014.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | July 23, 1997
The summer doldrums came during the spring for Lockheed Martin Corp., which yesterday reported a tepid 3 percent increase in second-quarter profit compared with the same period last year.Net income for the quarter was $308 million, up from last year's $299 million. That translated to $1.59 a share, up 6 percent from the $1.50 a share for second quarter 1996.Overall sales were down 3 percent, to $6.9 billion from $7.1 billion a year ago, so the fact that profits rose at all meant margins were up.The seemingly anemic performance was about on target with what analysts expected.
BUSINESS
By BLOOMBERG NEWS | August 13, 1998
PARSIPPANY, N.J. -- Cendant Corp. said yesterday that it has hired Credit Suisse First Boston to sell its consumer software business and has agreed to sell an Internet publishing unit for about $510 million in cash and stock.The company said its software group, one of the world's largest makers of personal computer programs for consumers, could be sold in an initial public offering or to a third party. Two of its parts, Sierra On-Line Inc. and Davidson & Associates Inc., were acquired two years ago for $1.9 billion in stock.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | April 1, 1998
The walls are closing a little tighter around Columbia's Essex Corp., which said yesterday that it will be late filing its 1997 financial results amid worry that the small technology company may not be able to continue as a going concern.Essex is beset with liquidity problems because it has been slow both to win work and to sell its patented ImSyn optoelectronic image processing device, the company said in a news release.The company also will lose its $500,000 line of credit when it expires on May 31.Nonetheless, President and Chief Executive Officer Harry Letaw said he is not ready to close the book on the struggling company.
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