March 6, 2009

General Dynamics cuts 1,200 jobs

General Dynamics Corp. plans to cut 1,200 jobs and reduce production at its Gulfstream Aerospace unit because of reduced demand for private jets. The Falls Church contractor lowered its earnings forecast for 2009 to reflect the lower output.

General Dynamics (NYSE: GD) announced Thursday that its Gulfstream Aerospace subsidiary has cut large-cabin aircraft production and green-aircraft deliveries from a projected rate of 94 to 73 for 2009 and will reduce production of its mid-size aircraft from a projected rate of 30 to 24 aircraft this year. The reduced production will result in a reduction-in-force of 1,200 workers. General Dynamics said approximately 550 of those positions are held by contractors.

Source: Washington Business Journal

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