BINGHAMTON, N.Y. -- Lockheed Martin has announced plans to layoff 1,500 people.

In a statement company officials said a voluntary layoff program will be offered first, before pink slips are handed out to achieve the reduction target.

The cuts are being made across Lockheed's Mission Systems and Training business.

Company officials said the move was necessary to remain competitive in their industry.

Currently 4.500 employees are eligible for the voluntary layoff program.

Officials said they cannot speculate on the number of employees at the Owego or Salina campuses that will be affected.