December 22, 2008

Textron To Cut 2,200 Jobs, Close Most Of Finance Unit

According to CNNMoney: “Textron Inc. said it will cut 2,200 jobs, or 5.5% of its worldwide work force, and will shut most of its commercial finance business to enhance its long-term liquidity position amid unstable credit markets.”

“Textron said it would use orderly liquidation and some sales to close all of Textron Financial Corp., except the part that helps finance customer purchases of Textron-manufactured products. Amid turmoil in world credit markets, Textron in October had said it would cut the size of its commercial finance business.”

“In announcing the job cuts, Textron, which makes Bell helicopters and Cessna jets, said it was expanding its cost-cutting program announced in October because of the declining economy.”

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