trending Market Intelligence /marketintelligence/en/news-insights/trending/Vj6j0CRlVSRJtkPTKSG9Ig2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Textron to cut jobs, close facilities in restructuring plan

The Evolution Of ESG Factors In Credit Risk Assessment: Corporate Governance

Industry Top Trends 2021: Metals and Mining

TMT News & Research: 2020 Recap

Blog

Charter, DIRECTV and Comcast rank as the top 'RSN-friendly' MVPDs


Textron to cut jobs, close facilities in restructuring plan

Textron Inc. unveiled layoffs and facility closures in its aviation and industrial segments as part of a restructuring plan aimed at lowering costs and increasing efficiency.

The industrial conglomerate said Dec. 3 it will cut 875 jobs including business support and administrative roles within both segments and engineering positions in the aviation business.

The company is also carrying out a strategic review of its Kautex business, which entails facility closures, while pursuing additional cost-cutting actions for its specialized vehicles arm. Both businesses fall under Textron's industrial segment.

Textron expects the restructuring plan to be "substantially" implemented by year-end.

In the fourth quarter of 2019, the company expects to book pretax charges of about $65 million to $80 million, including contract termination, severance and facility closure costs.

Textron said future cash expenditures are expected to be in the range of $50 million to $60 million.