TransDigm to cut 15% of its workforce, representing roughly 2,750 employees [MarketWatch]
Transdigm Group Incorporated (TDG)
Last transdigm group incorporated earnings: 2/4 07:15 am
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Source: MarketWatch
TransDigm to cut 15% of its workforce, representing roughly 2,750 employees Aircraft components maker TransDigm Group Inc. TDG, +1.50% said Thursday that it will cut its workforce by 15%, citing the disruption the COVID-19 pandemic has caused to the aerospace and travel industries. Based on 18,300 employees the company said it has as of Sept. 30, 2019, the cuts could impact 2,745 employees. The company said laid-off U.S. employees will receive a "substantial" lump sum payment based on their tenure, and an additional $4,000 to help with expenses associated with health care and job search. TransDigm said it will "substantially" reduce the cash compensation of its senior management team, with Chief Executive Kevin Stein cutting his cash compensation by over 50%. TransDigm also said it was withdrawing its financial guidance. "At this time, the duration or magnitude of this disruption is difficult to predict and the Company may have to adjust its plans as the situation evolves," the com
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TDG
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- 11/7/24 - Beat
TDG
Sec Filings
- 11/20/24 - Form 4
- 11/20/24 - Form 4
- 11/20/24 - Form 4
- TDG's page on the SEC website