BILLERICA, MA -- Jabil Circuit will close its plant in Billerica by August, with most operations ending in May, the company told employees yesterday. About 350 employees will be laid off.

The move should save Jabil an estimated $55 million a year.

Employees were told of the pending move yesterday. Most workers also were sent home for the weekend at that time, according to Circuits Assembly sources.

The site has in recent years built product for the FAA and Honeywell, among others. It was formerly owned by Raytheon. At its peak, Jabil employed more than 800 workers at the site.