Embraer will remove an entire layer of if its management structure as part of a plan to lay off 20 percent of its 21,362-strong workforce, the company announced today. In a prepared statement, the company said it would concentrate the cuts in production and administration areas, while it keeps the “significant majority” of the engineering workforce to continue new product development and technology.
The company issued revenue guidance for the year of $5.5 billion, which corresponds with delivery of 242 commercial and business aircraft, compared with its earlier estimate of 270. It also lowered its projections for this year’s R&D investment, from $450 million to $350 million. (AIN)
