Textron Inc. TXT, the company that makes Cessna airplanes and other aircraft, said on Tuesday that it would cut around 725 positions, or 2% of its global staff, following reduced product demand for some of its businesses. The company, in a filing, cited “lower demand for certain of our powersports products which we anticipate will continue,” along with “reduced demand for fuel systems from European automotive manufacturers.” Textron said it expected the plan to be “substantially completed” in the first half of 2024. It said it expects gross annualized savings of around $75 million after the plan. The filing said Textron expected to book charges of between $115 million to $135 million in the fourth quarter as a result of the cuts. Shares were unchanged after hours.
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