Defense contractor L-3 Communication's buyout offer expires
Defense contractor L-3 Communication Systems West won't say how many employees accepted the company's buyout offer, which expired Monday.
Last month, Salt Lake City-based L-3 sent emails to 4,000 employees offering buyouts as it prepares for a second round of job cuts this year. In April, Utah's fourth-largest private employer laid off 190 Utah workers, citing downward trends in defense spending and automatic budget cuts imposed by Congress.
"(A)t this time I'm unable to provide any additional information," L-3 spokeswoman Jennifer Barton said Monday in an email.
The budget cuts, known as sequestration, Congress imposed earlier this year, as well as declining orders for defense communications gear, make it necessary to reduce L-3's payroll further, the company said last month.
L-3 is a unit of L-3 Communications Holdings Inc. Last month, the New York-based company said its second-quarter earnings fell 9.8 percent from the same time last year. Higher costs offset a modest increase in sales.