Projo Biz Blog

WASHINGTON (AP) -- Textron Inc. says it will eliminate 8,200 jobs, or 20 percent, of its global work force as the recession continues to weaken demand for corporate planes.

The Providence-based company says it will now deliver 290 to 300 Cessna corporate jets this year -- a decline from its previous forecast of about 375 aircraft.

Last year, the industrial conglomerate delivered 476 planes. It set a target of delivering 535 in 2009.

Textron's first-quarter profit fell 63 percent on lower demand for the company's large manufactured goods and smaller profits at its finance arm. Textron also slashed its 2009 profit outlook.

Its shares fell 4 percent, to $10.72 in early trading.

 Tags  Providence Textron

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