Aircraft company Textron is set to trim approximately two percent of its global workforce as part of a restructuring.
The cuts will see almost 725 positions being eliminated.
The layoffs will predominantly affect its Industrial, Bell, and Textron Systems segments, responding to decreased demand in the Industrial sector.Â
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Textron’s Specialized Vehicles and Kautex will see job cuts due to reduced demand for their products.Â
In the Bell and Textron Systems segments, the workforce adjustments aim to enhance cost structures in alignment with a shift toward development-focused contracts.Â
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The restructuring is expected to incur a pre-tax charge of $115 million to $135 million in Q4.
It includes $35 to $45 million in severance and related costs.
The company expects annualized gross cost savings of $75 million after completion, slated for the first half of 2024.
