50 jobs to be eliminated
Providence-based Textron Inc., the maker of Bell
helicopters and Cessna airplanes, merged its industrial businesses
to cut costs as part of a four-year plan to increase profit.
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As many as 50 jobs will be eliminated in the combination of
the industrial-products group, which makes golf carts, tools and
testing instruments, and the industrial-components businesses,
which makes parts for automakers, oil-and-gas companies and
mining, spokeswoman Susan Bishop said.
The combined business accounted for a third of Textron’s
$10.7 billion in sales last year. Chief Operating Officer Steve
Loranger will lead the new division. Greg Hyland, who ran the
industrial-products segment, left the company, Bishop said.
The company is in the process
of a plan started two years ago to eliminate 10,000 jobs by the
end of 2004 to adjust for last year’s net loss, which followed two
years of declining profit. Textron employs 49,000.
Earlier this week, Textron said Richard Clayton, who
previously headed the industrial-components business, was assigned
to lead Textron’s fasteners business. He succeeded Joachim Hirsch,
who also left the company.
Shares of Textron have fallen 23 percent in the past year.
Bloomberg News
