General Dynamics Cuts 1,200 Jobs

General Dynamics will cut 1,200 jobs and post a lower profit, sending shares to a six-year low.

General Dynamics said demand for its Gulfstream business jets has fallen further than expected.

The firm expects to deliver 73 large-cabin aircraft and 24 mid-size planes in 2009, down from its earlier projections of 94 large and 30 mid-size. Cutting output will eliminate 1,200 jobs.

General Dynamics is a defense conglomerate, as of 2008 the fifth largest defense contractor in the world. It reentered the airframe business in 1999 with their purchase of Gulfstream Aerospace.