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Textron announces more job cuts for Cessna

Textron Inc’s Cessna unit is planning another round of job cuts due to declining demand for private jets.

“Continued order cancellations and weakness in general aviation markets are forcing further revisions to its aircraft production outlook, which will result in additional reductions in Cessna’s workforce,” the company said in a filing with the US Securities and Exchange Commission.

The company did not announce how many jobs will be cut.

The recession has caused major troubles for the US jet manufacturer. It has drained the financing business and caused a sharp falloff in the demand for private jets.

Business jets have become a symbol of corporate excess in the current economic condition. This perspective gathered steam when Detroit automakers outraged Congress last year by heading to Washington in private planes to ask for a government rescue package. 

Textron announced that it will update its forecast for corporate jet deliveries next month as it reports its second quarter results.