John Wolz

Textron Inc. announced it will cut 3,600 jobs, or 5% of its global employment. Textron will close or consolidate about 20 plants because of declining sales, but has not disclosed details.
Textron has 70,000 employees in 30 countries.\
Providence, RI-based Textron said the layoffs will save $100 million to $120 million a year, beginning in 2002.
Textron reported a loss of $218 million for the fourth quarter of 2000, compared with a profit of $201 million in the final quarter of 1999.
Textron�s annual sales from aircraft, auto parts, fastening and industrial products total about $11 billion. Textron Fastening Systems accounts for more than $2 billion of the revenue.
CEO Lewis Campbell said Textron reached its bottom-line growth goals despite the late-year slowdown in U.S. economic growth. “During the quarter, we met our earnings objectives, overcoming the negative impact of a rapid decline in automotive production and general weakness in the economy.”
The outlook for early 2001, however, was more muted. Company officials said its 5% earnings-growth targets for 2001 and the softer per-share estimates for the first quarter reflect a significant level of anticipated automotive shutdowns.