Newport News offers buyout to salaried employees

nns aerial350SEPTEMBER 6, 2012 — About 1,200 non-union, salaried employees at Huntington Ingalls Industries' Newport News Shipbuilding division are being offered buyout packages, according to media reports

"We are offering a voluntary severance program as a way to reduce costs," the Virginian-Pilot quotes company spokesperson Christie Miller as saying. "Reducing our salaried workforce is one way we can remain competitive in an increasingly challenging marketplace. It will help us meet our financial objectives and position our business for future success."

The buyout packages are being offered to employees who are 60 years or older by Dec. 31 and applications must be received by Sept. 28.

Those who qualify and opt to accept a buyout will separate from the company no later than December 30.

The shipyard is still hiring for select salaried positions, mainly entry-level.

Want more? Subscribe now!

News from NASDAQ