Coronavirus prompts thousands of furloughs at jet maker Textron

Beechcraft King Air turboprop aircraft are observed on the assembly line at the Textron Aviation Inc. production facility in Wichita, Kansas, U.S., on Thursday, June 7, 2018.

Luke Sharett | Bloomberg | Getty Images

Small business-jet maker Textron Aviation on Wednesday mentioned it will furlough countless numbers of U.S. workers, as the rapid unfold of coronavirus hurts the aviation business and other sectors.

The maker of Cessna and Beechcraft airplanes said it will furlough employees on a staggered schedule from March 23 through Might 29. The company declined to say how a lot of it is furloughing but a spokeswoman mentioned it applies to “most” of its U.S. workers, which amount 12,000.

Shares of Textron fell 8% to shut at $25.79.

“This determination will allow us to do our portion in mitigating and that contains the distribute of COVID-19 through social distancing, although continuing to assist our buyers,” Ron Draper, the Textron unit’s CEO instructed personnel in a observe, which was viewed by CNBC. “Due to expected industry disorders, we are modifying generation to align with expected market manufacturing. This is a really complicated 1st step in responding to a circumstance that has influenced our full planet.”

Air journey need has been devastated by coronavirus as organizations scale back again on enterprise visits and journey constraints. Boeing on Tuesday claimed it was trying to find governing administration aid of $60 billion for by itself and the aviation industry.

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