More than a year after announcing a restructuring plan, Textron said today it is planning additional consolidation of its facilities and streamlining of its product lines, primarily within its Bell, Textron Systems and Industrial segments.
In fall of 2016, the company announced the realignment. In an October 2016 filing with the Securities and Exchange Commission, Textron estimated it would face pretax charges of $140 million to $170 million and cash outlays of $100 million to $120 million associated with the plan.
In today's SEC filing, Textron said the company has "decided to take additional restructuring actions beyond those already included in our plan as previously reported in our filings.
"This expansion includes further consolidation of operating facilities and streamlining of product lines primarily within the Bell, Textron Systems and Industrial segments," the document adds, noting Textron expects additional charges of about $45 million, mostly asset impairments and severance costs.
Textron said it expects cash outlays of about $20 million related to the plan.