Lockheed, Union Reach Agreement

Lockheed Martin Corp. said it reached a tentative agreement with a union representing striking aircraft workers in Marietta, Ga. Terms weren’t disclosed.

About 2,600 members of the International Assn. of Machinists and Aerospace Workers walked off the job March 11 because of disagreements over the company’s plans to send additional work at the plant to outside contractors. The agreement is subject to a vote by the members of the machinists union. The strike was the first at the plant since 1977.

The machinists union also represents workers at facilities in California and Florida, who accepted Lockheed’s contract offer in March.

Shares of Bethesda, Md.-based Lockheed fell $1.08 to $61.12 in NYSE trading.