- Textron (NYSE:TXT) discloses a plan to restructure its businesses by implementing headcount reductions, facility consolidations and other actions to improve overall operating efficiency.
- TXT says the restructuring will mostly affect its Textron systems and industrial segments, which last year generated more than $5B in combined revenue, or ~38% of the company’s total revenue.
- The plan calls for the end of production of its sensor-fuzed weapon product in light of reduced orders, and the combination of its Jacobsen turf maintenance business with the specialized vehicles businesses.
- TXT expects to incur related pre-tax charges of $110M-$140M, primarily in Q3.