Textron Inc. (NYSE: TXT) today reported second quarter 2020 net loss of $0.40 per share, compared to income of $0.93 per share in the second quarter o The arrangement in place is set to expire at the end of September. The districts are meeting to determine whether they plan to start the 2020-2021 school year before or after Labor Day. The layoffs will affect 250 non-union Textron Aviation workers across the country. Textron Aviation is now the latest aerospace company to announce its plan for the next few months as the COVID-19 scenario continues to grab hold of the American economy. The […]
As Textron Aviation continues to adjust to the evolving global economic uncertainty and existing market conditions, the company has announced workforce reductions and additional periodic furloughs in some functional areas throughout the remainder of 2020.
Posted: Jun 23, 2020 / 09:03 AM CDT / Updated: Jun 24, 2020 / 11:00 AM CDT WICHITA, Kan. (KSNW) – Textron Aviation said the company will lay … Textron’s statement on the layoffs can be found below.
Textron Aviation announces 250 layoffs, 70 Wichita employees affected. WICHITA, Kan. (KWCH) - Textron Aviation announced Tuesday plans to lay off 250 employees across the United States. Some 70 of those involve employees in Wichita. Bargained employees are not impacted by the announcement.Textron requested to open negotiations with the International Association of Machinists and Aerospace Workers Local Lodge 774 on June 16 as the current six-year agreement is set to expire on September 20.Union members will vote Tuesday on whether to open the negotiations early or wait until September.Last week, a filing from the Securities and Exchange Commission showed Textron, Inc planned to cut 2,000 positions as part of a restructuring plan to address economic challenges due to the pandemic.Here is the complete statement from Textron:
The combined 1,050 layoffs at the local maker of Beechcraft and Cessna aircraft is more than half of the 1,950 planned cuts announced by parent company Textron Inc. (NYSE: TXT) last month as … “As Textron Aviation continues to adjust to the evolving global economic uncertainty and existing market conditions, the company has announced workforce reductions and additional periodic furloughs in some functional areas throughout the remainder of 2020,” the company said in a statement.
... 2020 10:06 PM Second stimulus package officially unveiled. According to reports, the layoffs do not involve union members, but affect salaried exempt and non-exempt employees. The company said it expects to eliminate up to 1,950 positions within the company, or 6% of its workforce.
“While there are some promising indicators, such as a positive sentiment toward general aviation, a rise in U.S. flight activity, and limited pre-owned aircraft available for purchase, a sustained increase in business activity is still needed.”Even those retaining their jobs for now were warned that there may be additional furloughs this year. Textron employs around 9,500 people in Wichita alone.
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