Gulfstream to cut workforce and production

 - May 22, 2008, 6:07 AM

Gulfstream Aerospace plans to cut about 480 people from its workforce of 8,000, citing a drop in business jet orders in response to the slowing economy. The Savannah, Ga.-based manufacturer laid off 200 employees last fall. Gulfstream, a subsidiary of General Dynamics, also revealed it will cut back production of GIV-SPs and GVs by 11 to 15 percent, or about eight to 10 aircraft this year. The company has been delivering about 70 airplanes per year, and, according to General Dynamics officials, still has an order backlog valued at nearly $9 billion.