Cessna Aircraft Co. Increases Layoff Estimates

Cessna Aircraft Company is located in Wichita, Kansas and manufactures freight and passenger aircrafts, as well as business jets and personal single engine planes. The company is owned by Textron Inc, who recently released a dismal fourth-quarter financial report.

Amid declining revenues, Cessna has increased the number of jobs it plans to cut in 2009. The company had previously announced that it would layoff 2,600 employees but is now predicting the number to be at least 4,600 throughout 2009. Cessna also released it’s fourth-quarter numbers this week, noting a revenue decrease of $64 million and segment profit declines as much as $90 million.

Textron has attributed the drastic decreases in revenue to increased overhead costs and product development. If 2009 continues to show such declines, the company predicts that more reductions in it’s workforce will be necessary. In a statement from Lewis B. Campbell, Chairman and CEO of Textron, it was said that “Our priorities this year are clear — maximize cash flow and operating performance in our manufacturing businesses and (to) aggressively convert finance receivables at TFC to cash. We’re aligning production to match expected lower commercial demand, reducing nonessential capital spending, freezing salaries, curtailing most discretionary spending, including reductions in non-critical product development, and reducing working capital.”

Search for jobs and additional information online at Employment Crossroads.

Access your own free seven-day trial, here.