Lockheed layoffs announced for Owego

By Matt Hicks

August 1, 2013 Updated Aug 1, 2013 at 10:58 PM EST

Owego, NY (WBNG Binghamton) Nearly 140 people are being laid off as part of Lockheed Martin's Mission System and Training business in central New York, with 25 of those layoffs happening in Owego.

These layoffs come as Lockheed Martin officials say the company is facing uncertain program funding, delayed contract announcements and much competition in the market.

Across the nation, 367 employees are being laid off, mostly in engineering and program management.

Officials were unable to speculate about what contracts -- such as the Marine One Presidential Helicopter -- would mean for employment in the near future.

Most of the layoffs will be carried out Aug. 15.