Bell parent Textron restructuring plan sees 725 jobs cut
Bell Helicopter’s parent company Textron has reported it will cut 725 jobs as part of a restructuring plan attempting to bring down operating expenses.
With expected completion in the first half of 2024, the restructuring is expected to save nearly $75m annually, Textron said. The business jet maker will reduce job number in its Bell, Industrial and Textron Systems segments, whilst also restructuring its Kautex and Textron Specialized Vehicles as a result of cooler demand across fuel systems and powersports products.
The announcement sent Textron’s shares up more than 2% after close yesterday.
Textron’s plan would result in a pre-tax special charge of $115m to $135m in the fourth quarter, according to Reuters. The firm also expects severance-related costs of $35m to $45m and asset impairment charge of $80m to $90m. However, Textron said charges related to restructuring and impairment would not impact its full-year financial outlook.