Tue, Mar 18, 2003
As Many as 1000 Could Go Home
Gulfstream Aerospace announced
Monday that it is having a serious look at its workforce and labor
demands, and has concluded that perhaps as many as 1000 employees,
plus many independent contractors, could be off the payroll within
the next 12 months. The ultimate decisions will be market-driven;
and the next few months hold the key.
A company press release
said, "This review comes as the company adjusts production rates to
the market decline resulting from the continuing downturn in the
worldwide economy. Possible military action in the Middle East and
iunrest in the Asia Pacific area have exacerbated this
downturn."
Bill Boisture (right), president of Gulfstream, said, "We have
confidence in our markets in the long run, and are well-positioned
in both the business aviation and government/special mission
sectors. We recently announced a broader product line to
address a greater percentage of the available market. This
strategic product line expansion was accomplished while adhering to
our long-term accounting practice of expensing research and
delelopment costs as they are incurred. Our competitive actions,
continuous improvement programs and cost management enhance out
ability to navigate efficiently through the cyclical downturn.
"We are taking these actions
to retain our strong leadership position, protect the integrity of
our brand and adjust our resources to build only those aircraft
that we project the market can absorb," he concluded.
Gulfstream, a wholly-owned subsidiary of General Dynamics,
currently employs roughly 7400, at seven major locations.
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