Lockheed, Machinists in Tentative Agreement

Lockheed Martin Corp. reached a tentative labor agreement with the machinists union at two plants in California, averting a strike that was scheduled to begin Monday.

Negotiations were continuing with the International Assn. of Machinists and Aerospace Workers at a plant in Marietta, Ga. The union represents about 6,000 workers who voted to strike there and at the California plants in Palmdale and Sunnyvale.

Details of the agreement were not immediately available. The company and the union had been at odds over wages, pension benefits and job security issues.

Bethesda, Md.-based Lockheed’s shares rose 32 cents to $56.74 on the NYSE.