ANNAPOLIS, MD – Northrop Grumman said it would cut about 500 staff at its Maryland plants in the coming months, as a result of a drop in defense spending.

The firm said it would offer voluntary buyouts at its Linthicum and Bay Bridge facilities, as well as locations in other states.

Northrop Grumman bid to build the new Air Force refueling tanker, but Boeing recently won the KC-X contract, valued at $3.5 billion.

If retirements fall below planned job cuts, layoffs will be finished by May.

The firm said it would help employees find work at other facilities or outside the company.

Northrop’s electronics systems division earned $1 billion in 2010 on $7.6 billion in sales.

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