After years of expansion, Savannah jet manufacturer Gulfstream Areospace is feeling the pinch of the economic downturn, announcing layoffs and production cuts.
It was three-years ago this month when Gulfstream announced a stunning expansion. Over a thousand new jobs would be created, many in high-paying fields. Since, the company created those jobs -- in fact, earlier than planned -- and kept a strong backlog. Buoyed by sales in growing overseas markets like the Middle East and China, it appeared as if Gulfstream could go at breakneck production for years.
Now, its parent, General Dynamics, says the backlog has deteriorated and Gulfstream will shed 1,200 jobs. A spokesman says, the cuts will come across company divisions, but will not affect the new G-650. Gulfstream's newest, fastest jet is scheduled to go into service in 2012. The G-650's first test flight simulation was made earlier this week.
Thursday, March 5, 2009
Savannah jet maker Gulfstream lays off 1,200
