Some 1,100 Jobs To Be Cut From Global Workforce

Despite Textron's report of higher first-quarter earnings over 2014, employees of its Bell Helicopter subsidiary are facing layoffs across its global workforce as production of the V-22 tilt-rotor aircraft falls and the market for civilian helicopters continues to be soft.

The Fort Worth Star-Telegram reports that news of the layoffs came in a memo from Bell president and CEO John L. Garrison which said the company had predicted a rebound in the commercial market this year which has not materialized. Garrison wrote that the company "must take immediate and aggressive measures across the business to bring costs in line with current and projected business requirements" and "size our organization for our market reality."

That means about 1,100 people will lose their jobs.

The paper reports that a company spokeswoman said about 700 cuts will come from the Fort Worth and Amarillo, TX facilities. Bell is headquartered in Fort Worth, and final assembly of the V-22 is done in Amarillo.

The AP reported that Bell's profit fell by 20 percent in the first quarter of 2015, which Textron said was due to fewer deliveries and "an unfavorable mix of commercial aircraft."

Textron chairman and CEO Scott Donnelly said in a statement that a drop in military deliveries had been expected, but "the medium segment of the commercial helicopter market remains soft. As a result, we are adjusting production levels and taking additional cost actions to allow Bell to perform within its targeted 2015 segment margin range of 11 to 12 percent.”

FMI: www.bellhelicopter.com