Bath Iron Works will lay off 30 employees. However, the company says the cuts are not related to the recent loss of a $10.5 billion contract with the Coast Guard.

The Portland Press Herald reported that the company said it regrets the impacts on employees and families.

BIW will eliminate 160 positions, which includes 30 layoffs. They say it will help it reduce costs. The rest of the cuts will come through retirements, transfers, resignations and canceled job postings.

The Bath-based shipyard employs 5,500 workers and is one of the state's biggest private employers. In recent years, the company's president has said it would face significant layoffs if the company didn't win the contract to build nine new Coast Guard cutters.

[Source: AP]