Providence, Rhode Island-based Textron, the manufacturer of such iconic brands such as Bell Helicopters, Cessna Aircraft, Beechcraft Aircraft, and E-Z-GO small vehicles, has announced that it plans to proceed with a restructuring of its Specialized Vehicles operation within its industrial group. The restructuring will result in the closure of one Augusta, Georgia facility and laying off approximately 400 employees. The decision was driven by the under-performing business segment.
According to an Securities and Exchange Commission filing, “Management conducted a strategic review of the Textron Specialized Vehicles businesses, which included an assessment of the acquired dealer network and go-to-market strategy for the Textron Off Road and Arctic Cat brands, as well as cost reduction initiatives throughout the Textron Specialized Vehicles businesses.
The restructuring plan will result in the impairment of intangible assets, primarily related to product rationalization, the elimination of approximately 400 positions, representing approximately 10% of Textron Specialized Vehicles’ workforce, and closure of several factory-direct turf-care branch locations and a manufacturing facility.
The restructuring actions under this plan are expected to result in improved operating results for these businesses.”
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