By Brad Segall

NEWTOWN, Pa. (CBS) — Lockheed Martin Corp. says it is closing down its Space Systems Division operations in Newtown, Bucks County.

The shutdown, expected by early 2015, will cost hundreds of employees their jobs.  Most of the firm’s commercial and military satellite work will be transferred to a facility in Denver, Colo., according to company officials.

An “all-hands” meeting was held this morning at the Newtown site to announce the company’s plans.

Lockheed Martin currently employs about 1,050 people there.  The company says about 800 of those positions will be affected, and they will be reducing their facility space in Newtown by about 500,000 square feet.

Rob Loughery, the chairman of the Bucks County Commissioners, says he is saddened by the news.

“Lockheed Martin has been not only a strong employer in the county but very involved and supportive of a lot of county activities.  So that’s going to hurt,” he told KYW Newsradio this morning.

Loughery says the local economic impact will be large, given the tax money that’s pumped into the township, the county, and the school district. He says they’ll work to try to find another tenant for the location.

In the meantime, he says,  he plans to contact Lockheed Martin officials to find out whether this is indeed a final decision or whether some of the jobs can be saved.  County officials will also work  with affected employees who may need help transitioning to other work.

Lockheed expects to be fully functioning in Denver by the end of 2015.

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