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Textron to reduce global work force

April 29, 2009, Washington, DC - Textron Inc. says it will eliminate 8,200 jobs, or 20 per cent, of its global workforce.


April 29, 2009
By The Canadian Press

April 29, 2009, Washington, DC – Textron Inc. says it will eliminate 8,200 jobs, or
20 per cent, of its global workforce as the recession continues to
weaken demand for corporate planes.

The Providence, R.I.-based company says it will now deliver 290
to 300 Cessna corporate jets this year – a decline from its previous
forecast of about 375 aircraft.

Last year, the industrial conglomerate delivered 476 planes. It
set a target of delivering 535 in 2009.

Textron's first-quarter profit fell 63 per cent on lower demand
for the company's large manufactured goods and smaller profits at
its finance arm. Textron also slashed its 2009 profit outlook.

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Its shares fell four per cent, to $10.72 in early trading.