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By Brad Segall

NEWTOWN, Pa. (CBS) – Bucks County got some bad economic news just two weeks before the Thanksgiving holiday. One of the county’s major employers announced plans to pull up stakes and move out of the area.

Lockheed Martin, a staple in Newtown for many years, says it will transfer its commercial and satellite work to Denver — a transition that’s expected to take 12 to 18 months. The facility will close here by early 2015.

County Commissioner Rob Loughery was one of many people disappointed with the news:

“We also want to work with the employees that are going to be displaced by this, helping them to connect with new jobs and certainly try to learn more about what opportunities are out there for them,” he said.

Loughery calls it an “economic blow” given the tax money Lockheed pumps into the county, township and school district:

“Lockheed Martin has not only been a strong employer in the county, but very involved and supportive for a lot of county activities, so that’s going to hurt.”

The move will impact about 800 positions at the company.

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