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UNITED STATES -- Lockheed Martin Mission Systems and Sensors, or MS2, announced it will lay off between 450 and 550 employees in the U.S. this year. MS2, which employs approximately 14,000 people, introduced a voluntary layoff program to reduce positions before it begins an involuntary layoff action.

A spokesperson for the company said the layoffs will impact about four percent of its employees company-wide. It is unknown which plants will be affected.

While a majority of the 2,700 employees in the Owego plant are MS2 employees, company officials wanted to make it very clear that the layoffs will be enterprise-wide, without any specific locations being targeted.

Meanwhile, Lockheed's Owego plant is getting good news, as the company landed a $1 billion contract with the U.S. Navy. The five year contract calls for Lockheed to provide more than 200 digital cockpits and integrated mission systems and sensors for two Navy helicopters. Much of the work would be done at the Owego plant.

For a contract like this, company officials said they must meet rigorous criteria, such as showing double-digit cost savings, before being approved by Congress.