Augusta, Ga.-based Textron Specialized Vehicles’ corporate parent said in a federal regulatory filing that it will lay off about 400 employees — roughly 10% of its workforce — because of “significant changes” it has undergone since acquiring Arctic Cat in 2017, according to a story in the Augusta Chronicle.
A Textron Specialized Vehicles spokesman would not say how many, if any, of the positions would be at the company’s local operations, which manufacture E-Z-Go brand golf cars and other small vehicles.
“I can’t say any more than is in the (Securities and Exchange Commission) filing right now,” he said.
The Dec. 4 SEC filing reiterated parent company Textron Inc.’s third-quarter earnings report, which said operating results from the Arctic Cat and Textron Off Road brands “were significantly below our expectations” because of problems introducing new products through its dealership network.
In addition to the layoffs, the company said it would close several factory-direct turf-care branch locations and a “manufacturing facility.”
Last month, the company notified the Indiana Department of Workforce Development that it would close its Coatesville, Ind., factory, which produced its Dixie Chopper brand of residential, commercial and industrial lawnmowers. The closure will result in 107 lost jobs, according to its notification.
Textron estimated the downsizing could cost up to $85 million in severance payments, contract termination fees and impairment charges related to acquired intangible assets.
“We anticipate that this plan will be substantially completed by the end of 2018,” the SEC filing said.
In 2016, the company invested $40 million to purchase the former Procter & Gamble plant on Mike Padgett Highway near its existing Augusta plant on Marvin Griffin Road. The expansion boosted the company’s local employment to approximately 1,400.