MOORESTOWN, N.J., (CBS) – Lockheed Martin is laying off 240 employees at their plant in Burlington County.

The employees were notified on Nov. 6 at Lockheed Martin’s plant in Moorestown.

A spokesperson for Lockeed Martin says the cutbacks are part of a nationwide layoff of 587 workers in the Mission Systems and Training (MST) business area.

Most of the employees will work their last shift on Nov. 20. at the Moorestown plant.

The spokesperson says the layoffs are necessary to address continuing challenges in their business environment, including continued uncertain program funding, delays in contract awards and an extremely competitive market.