Lockheed Martin announced yesterday plans to cut 225 jobs in nearby Owego. A statement Monday cited by the Ithaca Journal noted further job reductions in the coming months. The factory depends on government defense contracts and as that budget is cut, so too are appropriations for Lockheed Martin’s products. Most notably, the VH-71 Presidential Helicopter manufactured in Owego was omitted from last month’s defense budget. 800 workers work on the VH-71 program out of 4000 total at the plant. Those whose jobs are to be cut will be informed by the middle of next month of their eligibility for severance pay and other unemployment compensation.