Rockwell Collins Is Planning Up To 350 Layoffs As Result Of
Sequestration
Cedar Rapids, IA - Rockwell Collins stated that the
company is disappointed but prepared for sequestration – the result of
leadership in Washington being unable to work out a deal before the March 1
deadline.
“The negative impact of sequestration is a major setback for
the aerospace & defense industry, and the U.S. economy as a whole,” stated
Chairman and Chief Executive Officer Clay Jones of Rockwell Collins.
“Fortunately, we saw this as a highly likely outcome and factored in the
impacts of sequestration to our FY 2013 plan.”
The company assumed its government revenues would be down 10
percent this year, roughly half of which is directly attributable to
sequestration. In addition, it has adjusted its infrastructure, reduced its
operating costs and is planning up to 350 layoffs, although no actions will be
taken until the exact impact on its military and commercial plans is known.
"At a time when jobs and economic growth are in short supply,
we can ill afford to have Washington making it worse by failing to resolve this
issue," added Jones. "Our national debt must be addressed but it
would be hard to find a more irresponsible approach to it than sequestration. I
urge our leaders in Washington to quickly remedy the damage that this
legislation will bring to our economy and national defense."
