US-based B/E Aerospace is planning to cut around 450 jobs as part of its cost reduction initiatives.
Closure of some of the company’s facilities and consolidation of certain product lines are also earmarked.
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These changes are expected to result in after-tax charges of about $30m in the third quarter.
B/E Aerospace executive chairman Amin Khoury said: "These initiatives are expected to reduce costs and improve efficiencies, which are necessary due to the slower revenue growth expected in 2015 and 2016.
"We expect our initiatives to offset inflationary pressures on wages, occupancy and infrastructure costs and enable us to continue to generate incremental year-over-year margin improvement."
The company expects this year’s revenue to be $2.8bn with net earnings on a per-share basis of $3.03.
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By GlobalDataB/E Aerospace’s revenues for 2014 were $2.5bn, compared with the $2.2bn from 2013. Net earnings declined $104m from the $366m in 2013.
Khoury said: "We continue to expect 2016 revenues to be 1% to 2% higher as compared with 2015 followed by a strong acceleration in the 2017 revenue growth rate consistent with the scheduled deliveries from the company’s record backlog."
Several aerospace firms have recently announced redundancies due to their investments in defence.
Last month, Boeing unveiled plans to slash jobs, after cutting various jobs in its defence unit over the last four years.
