AEROSPACE & DEFENSE
From Times Staff and Wire Reports
Loral Aeronautics Announces Layoffs: The Newport Beach-based military contractor announced plans to lay off 592 employees by July--nearly 25% of its local work force. Company officials also said a decision on whether to move their 30-year-old plant from its site has been put on “indefinite hold” because of the uncertainty of Pentagon budget proposals. Loral, which manufacturers Sidewinder missiles, laid off 242 managers and production workers a week ago, said Joe Tedino, a spokesman for parent Loral Corp., in New York. Another 350 jobs will be cut by July 1, shrinking the plant’s work force to fewer than 2,000.
