Monday, October 24, 2011

205 to lose jobs after Piper decides to mothball Altaire jet program

VERO BEACH — Piper Aircraft Inc. on Monday announced it will be laying off 150 employees and releasing 55 contract personnel after deciding to suspend its Piper Altaire light business jet program.

Lay-offs will begin this week and progress through the end of the year as the program winds down. Employees will be receiving individual separation packages depending on factors such as the length of time they were employed, according to Piper spokeswoman Jackie Carlon.

Although the program was on schedule and budget, Carlon said "the market for light business jets is not recovering sufficiently enough or quickly enough for us to continue developing the program under the economic conditions we currently face."

Employees were being informed of the company’s decision Monday morning and local government officials also were being notified.

http://www.tcpalm.com

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