Aircraft parts manufacturer TransDigm Group Inc. said Tuesday it eliminated 16 percent of the CEF Industries workforce to reduce costs after it acquired the engineering component supply company during the third quarter.
Cleveland-based TransDigm executives also told analysts during a conference call that they are looking at reducing the company's overall workforce by less than 10 percent before the end of September to reduce costs.
Contacted later Tuesday, company spokesman Sean Maroney said they did not disclose the specifc number of jobs eliminated but CEF had about 130 employees when it was acquired. TransDigm has about 2,200.
The development came as TransDigm said its fiscal third-quarter profit surged 63 percent on a growth in net sales, productivity improvement and lower interest expense. It reported net income of $36 million, or 72 cents per share, in the third quarter of fiscal 2008, compared with $22.1 million, or 45 cents per share, in the year-ago quarter.
TransDigm's stock closed up 69 cents at $38.57 a share in Tuesday trading.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment