Embraer-Empresa Brasileira de Aeronautica (ERJ)

Add a New Bears Reason Company: Embraer-Empresa Brasileira de Aeronautica (ERJ) Current price: Headline: (100 character max) Analysis: Cancel 50% agree 2 votes   ERJ troubled with shocks in the aviation industry Top Contributor: Bret Holmes | Created when NYSE:ERJ was $11.49 | Edit | History Brazilian aircraft maker Embraer (ADR: ERJ) said yesterday (Thursday) it will lay off about 20% of its workforce or about 4,200 employees around the world, citing a sharp downturn in the aviation market amid the global economic crisis, Reuters reported. The company, which also makes business jets and military aircraft, cut its delivery forecast for this year to 242 jets from a previous estimate of 270. With the new delivery forecast, Embraer estimates it will bring in $5.5 billion in revenue in 2009, much less than it had initially expected. It also cut its investment plan for this year to $350 million from $450 million. (100 character max) Cancel

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