Lockheed Consolidates Information Services

Lockheed Corp. said it consolidated its information services units into a new subsidiary named Lockheed Information Technology Co. The move will result in the loss of about 250 jobs over the next five years.

The new company, to be based near Denver, will be headed by William Bernstein, president.

Besides data services, Calabasas-based Lockheed is an aerospace and defense concern with annual revenue of $10 billion.