Some job cuts before Christmas are coming to one of our area's largest employers: Gulfstream Aerospace.
Gulfstream says it is reducing its workforce by about 600 contractors, plus three percent of their staff across the globe, so that doesn't mean 600 in Savannah, but 600 from all Gulfstream locations in the United States.
Gulfstream has more than 16,500 employees and contractors based around the world, which includes the North American Headquarters in Savannah, also Brunswick, Westfield, Massachusetts, Appleton, Wisconsin, Dallas, Las Vegas, Lincoln, California, West Palm Beach and Long Beach, California. Gulfstream says as a result of part of their streamlining efforts, the company will cut about 600 people total from their US contractor workforce.
Gulfstream said in a statement: "We regret the impact these decisions will have on our employees and have arranged a variety of programs to assist these workers with their transition from Gulfstream. Depending on individual eligibility criteria, employees may receive benefits that include severance and benefits extensions."
Additionally, as WTOC reported at the beginning of this month, Gulfstream recently informed their workforce that there would be modest layoffs of indirect support staff throughout the business. Which represented about 20 people in the company's administration department, which are rolled up into this three percent reduction plan.
And we have seen this ebb and flow with Gulfstream throughout the years as the business jet market goes up and down. Right now, billionaires and companies aren't buying as many business jets as the market would like, and unfortunately this is the result.