B/E Aerospace to Cut Jobs, Close 5 Plants
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B/E Aerospace is planning to cut about 1,000 jobs--about 21% of its work force--and close five production plants because of lagging demand after the Sept. 11 attacks.
The Wellington, Fla.-based firm, which provides seats, refrigeration equipment and other cabin components for commercial aircraft, said it has seen a drop in demand for its products in the weeks since the attacks as airlines cut back on buying new aircraft and making refits.
The move leaves B/E Aerospace with about 3,650 workers and 11 production plants worldwide. The company’s management team agreed to take pay cuts ranging from 35% to 50%.
The prospect of future sales of the company’s design for a bullet-resistant cockpit door was expected to mitigate reduced demand for the company’s other product lines, said Robert J. Khoury, B/E Aerospace’s president and chief executive officer.
B/E shares fell 13 cents to $7.88 on Nasdaq.
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