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Cessna to cut 700 production jobs

Cessna Aircraft Co., the private jet company, announced that it will cut more than 700 production jobs in Wichita because the forecasted demand for corporate jets has not materialized.

The company did not give a date as to when the job cuts will happen. Since 2008, the company has already cut 8,000 jobs.

“While cancellations have slowed, the recovery and growth we expected to see throughout the year have not materialized, and the timing of any recovery remains uncertain,” wrote Jack Pelton, the company’s chief executive, in an e-mail notifying the employees. “This requires additional adjustment to our production schedules, and more than ever, cost is critical to our competitive position. We must continue to lower our cost structure to remain competitive.”