Cessna to lay off 700 workers

Cessna has announced that it will lay off up to 700 employees across its various operations due to the slower than expected pace of the recovery of the general aviation aircraft market.

In a memo to employees, Cessna’s president, chairman and CEO Jack Pelton said that, “the recovery and growth we expected to see throughout the year have not materialised, and the timing of any recovery remains uncertain. 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.”