Textron to Close 50 Plants, Cut 2,500 Jobs

Plane and helicopter maker Textron Inc. said the Sept. 11 attacks and the weak economy will hurt earnings for the rest of the year and it will further curtail production, close 50 more plants and cut 2,500 more jobs.

The news hit shares of Textron hard, sending them down $10.20, or 24%, to close at $32.80 on the NYSE.

Textron, maker of Bell helicopters, Cessna airplanes and golf carts, said 2002 earnings will fall below Wall Street estimates.

Providence, R.I.-based Textron now expects a third-quarter loss of about 25 cents per share and a much smaller-than-expected profit in the fourth quarter of 40 cents to 60 cents. Analysts on average had been looking for a third-quarter profit of 71 cents and a fourth-quarter profit of $1.05.