TEXTRON INC (TXT): restructuring charge — Textron approves restructuring plan cutting 725 jobs; expects $115M-$135M Q4 charges

TEXTRON INC

Reduction of ~725 positions (2% of global workforce) at Industrial (Textron Specialized Vehicles, Kautex), Bell, and Textron Systems segments.
Q4 2023 pre-tax charges of $115M-$135M: severance $35M-$45M, asset impairment $80M-$90M.
Annualized gross cost savings ~$75M; cash outflows primarily in 2024, estimated $35M-$45M.
Driven by lower demand for powersports products and fuel systems from European auto manufacturers.
Plan substantially complete by H1 2024; no impact on 2023 financial outlook.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

TEXTRON INC announced a restructuring with charges of $115 million to $135 million affecting Industrial, Bell and Textron Systems segments (approximately 725 positions).

Type: restructuring
Charge: $115 million to $135 million
Affected area: Industrial, Bell and Textron Systems segments
Headcount: approximately 725 positions

Exact text from the filing

of lower demand, which we anticipate will continue. In the fourth quarter of 2023, we expect to incur pre-tax special charges related to this restructuring plan in the range of $115 million to $135 million. We estimate severance and related costs to be in the range of $35 million to $45 million, and asset impairment charges to be in the range of $80 million to $90

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Source: SEC EDGAR

accession 0000217346-23-000041

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