AEROSPACE

* Lockheed Martin Corp. plans to cut 400 jobs and sell some facilities at its Sunnyvale, Calif.-based missiles and space division as slumping profit forces the nation’s biggest defense contractor to cut costs and raise cash. Bethesda, Md.-based Lockheed also is looking to cut as many as 2,500 jobs in a management consolidation throughout its space and military operations, the Wall Street Journal reported today. Lockheed’s other space units are in Bethesda; Denver; Fort Worth, Texas; and Marietta, Ga., The 400 jobs being cut represent about 5% of the 7,800 employees at Sunnyvale. Lockheed will place Sunnyvale’s Building 562 and Parcel 8, which has about 11 buildings, on the market in the next few weeks, according to a company memo. Those properties are expected to fetch in the tens of millions of dollars. It is not clear over what time period the management cuts will occur. Lockheed’s board will meet later this week.

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