Textron Inc. Chief Executive Officer Scott Donnelly cut jobs and shrank the finance unit to steer the maker of Cessna jets and Bell helicopters through the recession. Now he’s preparing for recovery with new aircraft.
General Dynamics Corp.’s Gulfstream unit, Textron Inc.’s Cessna Aircraft and other business-jet builders are adding new models as the industry recovers from an order slump that forced output cuts of more than 40 percent.
Textron Inc.’s Cessna unit bucked the slump in business-jet sales by raising prices, betting that it can halt tumbling aircraft values even if it means sacrificing orders, Chief Executive Officer Scott Donnelly said.
Textron Inc. plans to cut 700 jobs at its Cessna plane division, representing about 8.3 percent of the unit’s workforce, as the aircraft maker reduces production further because demand hasn’t yet picked up after the recession.