Boeing Co. confirmed Wednesday morning that it will lay off 750 employees, mostly in El Segundo and Seal Beach, as its satellite manufacturing sector has seen a downturn in business.

The Chicago-based aerospace company said that about 100 employees will receive 60-day layoff notices this week with another 650 to be notified at the end of June, Boeing said in a statement.

The job cuts will be “primarily in the area of engineering,” the company said, but added that “all skills will be affected.”

The reshuffling will leave Boeing Space and Intelligence Systems, Boeing’s satellite division, with about 6,450 employees by the end of the year compared with 7,200 that currently work there. Most of those employees, about 5,500 of them, work at the El Segundo facility.

This announcement comes a week after it lost a $1.4 billion contract to rival Lockheed Martin Corp. for an Air Force satellite contract.