Newport News Shipbuilding announced Friday that it laying off 314 salaried shipbuilders and demoting 119 managers.

In a post to her Facebook account Friday morning, Jennifer Boykin, the Virginia-based shipyard's president, wrote, "today is a tough day as we say goodbye to 314 fellow shipbuilders as part of a layoff impacting our salaried workforce. This is the first workforce reduction we’ve experienced in five years and comes after a thorough assessment of our business. This decision, along with the demotion of an additional 119 managers, more evenly distributes management spans and reshapes production and support ratios."

Newport News is providing severance and benefits as well as transition assistance.

"It is important to stress that our future remains strong even in the midst of today’s news," wrote Boykin. "We will continue hiring for specific, critical positions. While these are very difficult decisions, they are necessary cost controls to help ensure the future of our shipyard and the affordability of the ships we build."

Newport News is a subsidiary of Huntington Ingalls Industries.