Embraer Layoffs To Exceed 4,200

Brazilian aircraft maker Embraer is planning to cut around 20 percent of its 21,362-employee workforce “as a consequence of the unprecedented crisis affecting the global economy.” The reduction will affect more than 4,200 workers, mostly in the production and administrative sectors of the company. “The significant majority of the engineering workforce will be kept engaged in programs for development of new products and technologies,” according to a company statement. In addition, Embraer has revised its revenue target for 2009 to $5.5 billion — with plans to deliver 242 commercial and business jets this year — and its investment guidance to $350 million.
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