Thread regarding Textron layoffs

Textron is eliminating 1,950 positions in three business segments, including Textron Aviation...

Textron is eliminating 1,950 positions in three business segments, including Textron Aviation, largely because of the effects of the Covid-19 pandemic, the company announced in a Securities and Exchange Commission (SEC) filing on Thursday afternoon.

A Textron Aviation spokeswoman referred questions about the contents of the filing to officials at parent Textron. She declined to specify how many jobs are affected at Textron Aviation’s Wichita headquarters and elsewhere. “We do not have any specific information to share at this time.”

Textron Aviation employs nearly 10,000 workers in Kansas—mostly between Wichita and Independence—and 12,500 companywide. “Textron Aviation continues to experience the effects of the Covid-19 pandemic on our business and the lives of our employees, our customers, and our communities,” the airframer said in a statement to AIN. “The company continues to closely monitor how the economic uncertainty will impact our business.”

The layoffs come on the heels of furloughs of thousands of workers at the OEM beginning in March that were later extended, as were shortened work weeks. It also laid off primarily 875 engineers and business support workers in December.

According to Textron’s SEC filing, jobs will also be eliminated at Textron Specialized Vehicles, which manufactures aircraft ground support equipment, and Tru Simulation + Training, where production will be suspended in Montreal on the manufacture of commercial air transport simulators.

https://www.ainonline.com/aviation-news/business-aviation/2020-06-18/textron-aviation-hit-more-job-cuts
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| 1911 views | | 4 replies (last June 19, 2020) | Reply
Post ID: @OP+15xVEfNH

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Textron to cut nearly 2K workers in restructuring
Jun. 18, 2020 4:59 PM ET|About: Textron Inc. (TXT)|By: Carl Surran, SA News Editor
Textron (NYSE:TXT) unveils a restructuring plan that will eliminate as many as 1,950 positions, or 6% of the company's total headcount.

The company says the plan primarily affects the TRU Simulation + Training business within the Textron Systems segment, which has seen substantial decline in demand and order cancellations for flight simulators due to the effects of COVID-19, as well as the Textron Aviation and Industrial segments; as a result, it will cease manufacturing at its Montreal facility in Canada.

Textron expects to incur Q2 pre-tax special charges of $110M-$130M, including $60M-$70M in severance and related costs and asset impairments related largely to facility closures of $30M-$35M.

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Post ID: @cmi+15xVEfNH

The media is piling on. This is big news

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Post ID: @ucs+15xVEfNH

The impact of Covid-19 is triggering job cuts at Textron Aviation in Wichita.

By Daniel McCoy – Reporter, Wichita Business Journal
Jun 18, 2020, 4:29pm CDT Updated Jun 18, 2020, 5:37pm CDT

According to a new filing with the Securities and Exchange Commission, parent company Textron Inc. plans to cut up to 1,950 positions, around 6% of its workforce, from multiple divisions under its corporate umbrella.

The filing indicates that Wichita-based Textron Aviation, which builds Beechcraft and Cessna aircraft, will be impacted, though a specific breakdown of cuts by division was not provided.

“In the Textron Aviation segment, with lower volumes expected in the near term, we will initiate indirect and direct workforce reductions as we align our cost structure and production level with demand,” the company said in the regulatory filing.

The local division did not divulge a specific local layoff number, but did say in a statement provided to the WBJ that it continues to manage operations around the changing dynamics created by the pandemic.

"Textron Aviation continues to experience the effects of the Covid-19 pandemic on our business and the lives of our employees, our customers and our communities," its statement read. "The company continues to closely monitor how the economic uncertainty will impact our business."

A spokesperson from Textron's (NYSE: TXT) corporate headquarters in Rhode Island said more specific numbers related to Wichita could not yet be shared.

Textron Aviation employs around 9,000 people locally, the bulk of whom had been impacted by a rolling furlough program implemented in March due to the pandemic’s impact.

The company said its restructuring plan, approved on Thursday by its board of directors, also involves headcount reductions and other changes at its TRU Simulation + Training business and at Textron Specialized Vehicles.

That includes ending the production of commercial flight simulators by TRU at its Montreal production facility, though it said the division will continue production from its Florida plant and will continue support services for existing simulators.

At Textron Specialized Vehicles, there will also be job cuts and “facility rationalizations” due to what the company said is a decreased demand for airport ground equipment.

Textron said it expects pre-tax special charges related to the restructuring of between $110 million and $130 million in the second quarter, with severance costs estimated to be between $60 million and $70 million.

It also said it expects idle factory costs in the second quarter of $70 million to $80 million, primarily due to pandemic’s slowing of work at Textron Aviation.

The company did note, however, that manufacturing operations have largely resumed this month.

SOURCE:

https://www.bizjournals.com/wichita/news/2020/06/18/job-cuts-coming-at-textron-aviation.html
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Post ID: @nmd+15xVEfNH

WICHITA, Kan. (WBJ) - The impact of Covid-19 is triggering job cuts at Textron Aviation in Wichita.

According to a new filing with the Securities and Exchange Commission, parent company Textron Inc. plans to cut up to 1,950 positions, around 6% of its workforce, from multiple divisions under its corporate umbrella.

The filing indicates that Wichita-based Textron Aviation, which builds Beechcraft and Cessna aircraft, will be impacted, though a specific breakdown of cuts by division was not provided.

“In the Textron Aviation segment, with lower volumes expected in the near term, we will initiate indirect and direct workforce reductions as we align our cost structure and production level with demand,” the company said in the regulatory filing.

The WBJ has requested more specific information on the Wichita impact and will update this story when it’s provided.

Textron Aviation employs around 9,000 people in Wichita.

SOURCE:

https://www.kake.com/story/42265844/job-cuts-coming-at-textron-aviation
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Post ID: @tpu+15xVEfNH

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