federal contracts

Cleveland County defense contractor, Ultra Machines and Fabrication, will lay off as many as 100 employees in May due to cuts in federal contracts. It could be the first in a rising wave of job losses related to the sequester.

In the last three years, Ultra’s received $46 million in federal contracts—what that business, and most defense contractors rely on. But as the sequester and other federal budget cuts kick in, those contracts are drying up.