LOS ANGELES — The Boeing Co. will lay off 750 Southern California employees after losing a lucrative military satellite contract and seeing a dip in demand for the technology, the company said Wednesday.

The cuts involving engineers at plants in El Segundo and Seal Beach will take the staff of Boeing Space and Intelligence Systems, the company's satellite division, from 7,200 employees to about 6,450.

The Pentagon selected Lockheed Martin Corp. over Boeing for an Air Force contract worth up to $3.57 billion.