Tue, Nov 11, 2008
Steps Necessary To Combat "Impact Of The Economic
Downturn"
Rockwell Collins announced Monday a
cost reduction plan, the latest aerospace company to announce such
measures due to the impact of the current economic downturn.
"Like many other companies, we're dealing with significant
challenges in meeting our business objectives. These challenges
include air travel declines resulting from the weaker global
economy, delays and cancellations in several government programs,
and the prolonged Boeing strike," said Rockwell Collins Chairman,
President and CEO Clay Jones. "We've had to make some very
difficult decisions in order to align our infrastructure and
spending to market realities. These carefully considered actions
are critical to the long-term success of our company and balance
the best interests of our customers, shareowners and
employees."
Cost reduction measures that will be taken include a reduction
in discretionary spending; managing current staffing levels through
attrition, and deferring or eliminating some open employment
requisitions; and delaying 2009 merit increases for management and
the majority of employees for three months.
The company will also lay off approximately 300 employees across
the company, primarily in Operations, and will the number of
contract laborers by approximately 100, primarily in engineering
functions. Rockwell says those jobs cuts represents an estimated
1.5 percent of the current workforce.
While Rockwell Collins has reduced its originally projected
research and development budget for 2009, funding levels in this
area will still grow modestly compared to 2008 to meet customer
obligations and to maintain a competitive edge.
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