PLATTSBURGH -- Bombardier Corp. will drastically cut back employee work hours as it slides between big contracts.

About 160 of the 350 employees at the Wall Street plant will have work hours cut sharply over the rest of the year as work on a contract for the New Jersey Transit System winds down.

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The company has been building about 270 cars for the New Jersey system the past few years, and the production of the final few cars is on the horizon.

David Slack, director of communications and public affairs for Bombardier, said the workers are not being laid off.

"We are adjusting our production rate, but no one is being laid off," Slack said.

Hours will be drastically cut for workers affected by the move, but Slack did not say specifically by how much.

There are options in the New Jersey contract that could call for more work in the coming months, Slack said, and workers could regain their hours.

"We don't want to lose these people," Slack said.

Also, the company is poised to start a 400-car contract for the Chicago subway system next year, which will ramp up production.

The company, which opened in Plattsburgh in 1995, has seen its local workforce rise and fall periodically depending on how many contracts it obtains.

Slack said the future of the Plattsburgh plant remains sound.

"We are not closing," Slack said.

"The Plattsburgh plant is absolutely critical for our North American operation."

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