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.