More Job Losses At Hawker

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Hawker Beechcraft gave notice to the next 350 workers to be laid off on Friday, and set a timeline for at least 800 more to follow by next August. Also, top executives have collectively invested $6 million in the company and have agreed to take a 10 percent pay cut, according to the Associated Press. "We are doing these things because we have a vision of a smaller, more agile company that delivers incredible quality, the first time -- faster," CEO Bill Boisture wrote in a letter to employees. "These characteristics, when we achieve them, will sustain us in the global, competitive marketplace of tomorrow." The job losses this week were cut from nonunion, salaried jobs. The next 800 jobs at the Wichita company will be cut from union members on the King Air line, according to the AP. That work will be transferred to third-party suppliers and to the company's Mexico operations.

Boisture said last month the "worldwide recession" has caused the downturn in orders that led to layoffs. "While there are pockets of growth in the global economy, the market for new production aircraft has stagnated at a very low level," Boisture said. "Readily available, high quality, used aircraft and the lack of financing have combined to depress the prices on private and business aircraft." No upturn is in sight for at least the next year or maybe longer, he said.