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Oct 29, 2008 1:23 pm US/Central
Bell Helicopter To Cut 500 Jobs
Comany Says Cancelled DOD Contract Prompted Layoffs
FORT WORTH (CBS 11 / TXA 21) ―
About 500 Bell Helicopter employees learned the company was cutting their jobs as a result of the Department of Defense cancelling a contract with the manufacturer.
Company officials said the layoffs represents about four percent of the Bell Helicopter workforce and includes a 20 percent reduction in the management.
The Defense Department recently cut the ARH-70A helicopter development contract and any p planned production contract, Bell officials said in a release Wednesday morning.
Bell will provide pay and benefits to the affected employees for 60 days following the date of their layoff notice. Bell also is expected to provide severance pay in accordance with standard company policy, officials said.
"Staffing decisions are always difficult, especially in light of the global economic conditions," said Richard Millman, president and CEO of Bell Helicopter, in a release. "Our actions are intended to ensure that we retain the talent most needed for the projected business environment and treat every affected employee fairly and with respect and dignity."
Millman said the staffing changes were necessary to reduce costs and ensure the company's products remain competitive.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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