The Air Dock will remain open as part of a move to consolidate operations.
Maryland-based Lockheed Martin plans to close its Akron operations, eliminating 500 jobs.
The move, which has been rumored for weeks, is part of a consolidation effort that will eliminate 4,000 Lockheed jobs nationwide.
Lockheed said the massive Goodyear Air Dock will remain open.
The company said it is trying to increase the efficiency at its operations and improve the affordability of its products and services. "These actions are in response to continued declines in U.S. government spending," the company said in a news release.
Plans are to have the Akron operations shut down by mid-2015, along with facilities in Newtown, Pa., Goodyear, Ariz., and Horizon City, Texas. The company also plans to close four buildings at its Sunnyvale, Calif., campus. The closings will eliminate 2,000 jobs.
Lockheed also plans to cut another 2,000 positions in its Information Systems & Global Solutions, Mission System and Training, and Space Systems business areas by the end of 2014.
Lockheed said that with exception of the Akron Air Dock, Akron operations are expected to close early in 2015. The work will be transferred to Owego, N.Y., or Orlando, Fla.
The company said it has 600 employees in Akron. About 500 will be affected by the cuts.
Lockheed's operations in Akron once were part of Goodyear's Aerospace division. The business was sold to Loral in 1987 as the company divested businesses after a battle with corporate raider Sir James Goldsmith. Lockheed bought the business in 1996.