Textron to cut Cessna work force, production

PROVIDENCE – Textron Inc.’s Cessna plane unit plans to further revise its production forecast and cut the division’s work force amid continued order cancellations, Bloomberg News reported.
An updated financial outlook and production estimates will be given when Textron reports second-quarter results on July 28, said Karen Gordon Quintal, a company spokeswoman. The job cuts will be in addition to the 6,900 already announced at Cessna.
CEO Lewis Campbell predicted in May there could be “well over” 150 Cessna order cancellations in the current quarter. Textron is cutting 8,300 jobs, or about 20 percent of the company’s work force, selling assets, winding down its finance arm and cutting its dividend to conserve cash and stem losses as the global recession and credit crunch saps demand for business jets. &#8226