Lockheed Martin Space Systems Co., one of the four key operating units of Lockheed Martin Corp. (LMT), will downsize its employee base to boost competitive position and profitability.

By the end of this year, the Space Systems division will retrench around 800 personnel, approximately 4.5% of the overall headcount, across all levels and disciplines, largely at its Denver and Sunnyvale, California plants. This is aside from the downsizing that is underway at the unit’s Michoud Operations in New Orleans.

Space Systems operates in the following core business lines: human space flight, global communications systems, commercial space, sensing and exploration systems, missile defense systems, strategic missiles, commercial launch systems, surveillance and navigation systems and special programs. In 2008, this unit accounted for about 19% of Lockheed Martin’s total sales.

Shares of Lockheed Martin closed at $73.96 on Tuesday, trading at 9.84X trailing-12 month EPS. We reiterate our Neutral recommendation for the company.

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