Any layoffs within Textron general are indicative of a potential down cycle trend. Post under Textron for Textron Aviations news. I am hearing a salary layoff 12/5-12/6/2019 and a Union floor worker layoff in March 2020. Sales are low and did not recover in the 4th. Many aircraft slid to the right into 2020.
Can anybody confirm this?
Is this a ploy by Scott Donnelly to juice the stock price before he retires?
If there are to be facility closings, why is asking for government IRB money?
This just happened to TSV back in January 2019 . 400 total reduction . However they kept contract workers and let go of employees with 15 plus years who had a pension . Now TSV will have another reduction in force again .
Textron's SEC filing. December 3, 2019, Textron’s Board of Directors approved a restructuring plan designed to reduce costs and improve overall operating efficiency through headcount reductions, facility consolidations and other actions. The restructuring plan principally impacts the Textron Aviation and Industrial segments. In the Textron Aviation segment, we conducted a review of our ongoing workforce requirements, resulting in the initiation of targeted headcount reductions and other actions to realign our cost structure. In the Industrial segment, in connection with the strategic review of our Kautex business in the fourth quarter of 2019, we are initiating cost reduction and other measures to maximize its operating margin and are taking further cost cutting actions in our Textron Specialized Vehicles business. We expect to incur pre-tax charges in the fourth quarter of 2019 in the range of $65 million to $80 million. Severance and related costs are estimated to be in the range of $40 million to $45 million, with a total headcount reduction of approximately 875 positions. The headcount reductions include business support and administrative functions within both segments. At Textron Aviation, the headcount reductions are primarily related to engineering positions, reflecting completion of the Longitude certification activities and reduced requirements for ongoing development programs. Impairment charges related to facility closures and tooling and other assets across both segments are estimated to be in the range of $15 million to $20 million. Contract termination and other costs are estimated to be in the range of $10 million to $15 million, which includes facility closure costs and cost associated with the strategic review of the Kautex business. Future cash expenditures are expected to be in the range of $50 million to $60 million, which will be paid principally in the first half of 2020. We anticipate that the restructuring plan will be substantially completed by the end of 2019.
Please consider that some of you are exposing company private information, despite what your mental state may be right now, exposing information as such will not help the company recover from this unfortunate situation and may in turn adversely affect your future employment opportunities.
HR in Orlando and Tampa gone
HR will be here at midnight
If things were going so well at Textron there would be NO NEED FOR REDUCTIONS PERIOD! It’s obvious that there are money issues internally at Textron.
Layoffs aren’t done. Still more salary cuts through the end of the year. The unsold white tails someone mentioned are not false. There is a floor layoff coming next year. Directors are already quietly preparing with HR reps.
Layoffs aren’t done. Still more salary cuts through the end of the year. The unsold white tails someone mentioned are not false. There is a floor layoff coming next year. Directors are already quietly preparing with HR reps.
A significant percentage of the engineering workforce was affected. It is a mixture of recently hired people and very experienced people ranging up to 25-30 years with the company. A few groups were hit hard enough that they just told everyone in the group to go home for the rest of the day.
The number of unsold is unequivocally false, especially on Latitude and Longitude. Layoffs are basically done.
Same thing is happening at Textron Specialized Vehicles. Got an email yesterday asking for salaried employees over 55 and 10+ years of service to accept voluntary layoff. This was at the Arctic Cat facility.
They laying off indirect hourly employees in independence as of today 12/5/19
After about a 100 contractors let go in October, presenting voluntary retirements to several hundred longtime salaried employees this past month, and now 300-400 layoffs of salaried employees in the next two days at both Wichita and Independence, with hourly employee layoffs between now and Christmas, how deep is this going to go???
You got it!!
Actively walking people in Independence facility
layoffs going on right now 12/05/2019
There are 74 unsold aircraft as of now and possibly more cancellations this quarter we are hearing of as I type. Three of those are the new model Longitude which should not have unsold jets for an aircraft that is brand new. 13 are Latitudes which was a high priority model. Many of us are worried and know of some people laid off. It started Tuesday and will continue through the week. Morale is low in any salary group as of now.
There are rumors that hourly layoffs will happen at IMF because it's a non-union shop. Can anyone confirm?
Customer service center in Wichita has rumors of a layoff coming. We are separate from manufacturing. Bad times ahead for Textron Aviation. Boom and Bust always.
I'm a 20 yr. bargaining employee. I've been laid off twice in the past 10 yrs. This is always how it starts. I sure don't want to go down this road again!
Verified! Wichita reductions are in full force!
“Let go’s” started yesterday at Textron Aviation Wichita for salary. Rumor is there will be 300 salary this week. I was one....
What are your sources?