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