Exelis Has Tough 2012; Expects Cuts in 2013
Virgina-based Exelis was a stand alone entity in 2012, not longer part of ITT. While announcing its latest quarterly results last week, executives shared plans to spend as much as $70 million in 2013 to restructure and cut about 6% of the workforce. With the downturn in government spending, the company needs to refocus.
The company expects to cut 10% of its office space in 2013, and perhaps that same amount in the following year or two. The 6% reduction means about 1,200 people including nearly 600 who have already accepted early retirement offers, will be let go. It's not clear which offices will be impacted, but Power Solutions, currently based in Massachusetts will be moving to Rochester, NY, home of much of the geosptial work.