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.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • 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

Key Credit Risk Factors When Assessing Banks In The Context Of COVID-19

Mining Exploration Insights – May 2020

Essential Energy Insights - May 14, 2020

Paypal Well-Positioned To Gain Share In COVID-Related Digital Payments Shift


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.