10:43 AM EDT, 04/25/2024 (MT Newswires) -- Textron ( TXT ) said Thursday it expects to reduce its headcount by roughly 1,500 positions, or 4% of its global workforce, under an expanded restructuring plan.

The company's board on Wednesday approved the expansion of its 2023 restructuring plan to a range of $165 million to $170 million from $115 million to $135 million in pretax special charges to further lower operating expenses via headcount reductions, according to a filing with the US Securities and Exchange Commission.

Textron ( TXT ) said it has incurred $140 million in pretax special charges since launching the plan and now expects to incur Q2 severance costs of $25 million to $30 million. The company expects charges under the plan to be substantially completed by the end of the first half of 2024, according to the filing.

The company's shares fell more than 12% in recent trading.

Price: 82.73, Change: -11.28, Percent Change: -12.30