NetJets Inc. will lay off almost 500 pilots, including about 50 based in central Ohio, as the company deals with a prolonged economic downturn that has reduced demand for private-jet travel.

For the first six months of the year, NetJets lost nearly $350 million -- much of that attributed to the rapidly falling value of its aircraft.

NetJets has more than 3,000 pilots worldwide, with most of them located in the United States.

The layoffs, which will take effect in mid-January, are in addition to the layoffs of about 350 employees, or 5 percent of NetJets' work force, in September. None of those were pilots.

NetJets expects pilot layoffs will total 495, although Chairman and CEO David Sokol said the number could end up being lower after discussions with the pilots union. Pilots will receive two months of pay after being furloughed and will be eligible to be called back in accordance with union rules as pilot jobs are added in the future, he said.

Sokol, who replaced Richard Santulli as leader of the Columbus-based Berkshire Hathaway unit in August, said it was a "difficult decision" driven by a belief that demand for private-jet service isn't expected to recover soon.