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Textron To Curtail Jobs, Finance UnitThe Wall Street Journal
December 2008
Textron Inc. said it will cut 2,200 jobs, or 5.5% of its world-wide work force, and will shut most of its commercial finance business to enhance its long-term liquidity position amid unstable credit markets.
The diversified industrial manufacturer, which makes Bell helicopters and Cessna jets, also said it now expects a fourth-quarter net loss of 81 cents to 91 cents a share.
Textron said it would use orderly liquidation and some sales to close all of Textron Financial Corp., except the part that helps finance purchases of Textron products.
Textron now expects fourth-quarter restructuring charges of about $65 million, with about $20 million of that related to write-downs of plants it expects to close. The cuts are expected to save $100 million in 2009.
http://online.wsj.com/article/SB122999262193828621.html?mod=googlenews_wsj
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