Textron to Close 20 Plants, Cut Work Force

Textron Inc., the maker of Bell helicopters and OmniQuip construction equipment, will close as many as 20 plants and offices and eliminate an unspecified number of jobs in the next four to five quarters to cut costs. The company expects to take $200 million in pretax charges during the period for the moves, which should save between $30 million and $50 million next year. Textron had 68,000 employees at the start of the year. The cuts will be focused in its industrial businesses. Textron, which purchased OmniQuip last year, has seen a decline in demand for its construction equipment. Textron expects full-year profit of $4.65 to $4.68 a share, below the $4.69 a share analysts were expecting. Shares of Providence, R.I.-based Textron rose 50 cents to close at $43.38 on the NYSE.