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

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

Textron to cut jobs, close facilities in restructuring plan

IFRS 9: Time is Running Out for Insurance Companies to Comply

5 Quant Research Traps to Avoid

Wind Power by the Numbers: U.S., Canada and Mexico

Measuring The Wireline Digital Divide In The US


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.