Textron (NYSE:TXT) unveils a restructuring plan that will eliminate as many as 1,950 positions, or 6% of the company's total headcount.
The company says the plan primarily affects the TRU Simulation + Training business within the Textron Systems segment, which has seen substantial decline in demand and order cancellations for flight simulators due to the effects of COVID-19, as well as the Textron Aviation and Industrial segments; as a result, it will cease manufacturing at its Montreal facility in Canada.
Textron expects to incur Q2 pre-tax special charges of $110M-$130M, including $60M-$70M in severance and related costs and asset impairments related largely to facility closures of $30M-$35M.
