Fort Worth, TX - October 29, 2008 - Officials at Bell Helicopter announced today that the company would lay off approximately 500 workers. This represents about four percent of the Bell Helicopter workforce and includes a 20 percent reduction in the management-level staff.
This layoff was triggered by the U.S. Department of Defense’s recent termination of the ARH-70A helicopter development contract, including the impact of the loss of the planned production contract.
In accordance with government regulations, Bell will provide pay and benefits to the affected employees for 60 days following the date of their layoff notice. Bell will also provide severance pay in accordance with standard company policy.
Commenting on the layoff, Richard Millman, president and CEO of Bell Helicopter, said, “With the loss of the ARH-70A program, we must make changes in our staffing and structure to reduce costs and ensure that our products remain competitive. Staffing decisions are always difficult, especially in light of the global economic conditions. Our actions are intended to ensure that we retain the talent most needed for the projected business environment and treat every affected employee fairly and with respect and dignity.”
Employees affected by the layoff are being notified today. Bell Helicopter has made arrangements to provide each employee with post-employment support through the services of an outplacement firm and the Texas Workforce Commission.
About Bell Helicopter
Bell Helicopter is an industry-leading producer of commercial and military, manned and unmanned vertical lift aircraft and the pioneer of the revolutionary tilt rotor aircraft. Globally recognized for world-class customer service, innovation and superior quality, Bell's global workforce serves customers flying Bell aircraft in more than 120 countries.
About Textron Inc.
Textron Inc. is a $13.2 billion multi-industry company operating in 34 countries with approximately 44,000 employees. The company leverages its global network of aircraft, defense and intelligence, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft Company , Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, Fluid & Power, Textron Systems and Textron Financial Corporation. More information is available at www.textron.com.