The president of the Nasittuq Corporation, Jacques Plante, says the company will lay off 240 of its employees as of July 31, 2014.

Earlier this year, Nasittuq lost the contract for the North Warning System, the radar system that monitors Canada‚Äôs northern airspace.

The system is made up of 47 unmanned long- and short-range radar stations that extend from Labrador to Alaska. In 1985, it replaced the DEW Line, or Distant Early Warning line, established in the 1950s to protect North America from Russian missiles during the Cold War.

Nasittuq, a joint venture between Atco Structures and Logistics and Pan Arctic Inuit Logistics Corporation, had held the contract since 2001.

Raytheon is the new company taking over management of the system.

Recruiters held a job fair in the town of Inuvik, N.W.T. last month.