Aviation
Textron Increasing R&D On New Models, Upgrades
Bloomberg News (7/6, Ray, Layne) reports Textron Inc. "cut jobs and shrank the finance unit to steer the maker of Cessna jets and Bell helicopters through the recession," but now the company is "preparing for recovery with new aircraft." Textron CEO Scott Donnelly said that "new models and upgrades to existing aircraft may come as soon as 2012." The company "is boosting spending on research at Bell by about 50 percent and by a lesser, unspecified amount at Cessna during the next two to three years." Donnelly's "timeline would fit a recovery in corporate flying that industry analysts and executives expect in 2011." The CEO's "push to keep spending bucks a nearly two-year slump in business aviation that exacerbated losses at Textron's finance unit, forcing him to cut 27 percent of the company's total workforce, shelve development of the eight-seat Columbus jet and fend off speculation he'd have to sell Bell or file for bankruptcy."
