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L3Harris Technologies (New York Stock Exchange: LHX) plans to cut 5% of its workforce this year in a cost-saving measure, Reuters reported on Tuesday, citing a memo emailed to employees by Chief Executive Chris Kubasik.
The workforce reductions would likely affect 2,500 employees, according to in a regulatory filing that said the defense contractor had 50,000 employees at the end of last year.
The cuts are not evenly distributed across the company, Reuters reported, citing a person familiar with the situation. The reductions are not necessarily focused on Aerojet Rocketdyne, which L3Harris (LHX) acquired for $4.7 billion in December 2022.
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