NetJets Announces Major Job Cuts

by Deidre Woollard (RSS feed)
Sep 12th 2009 at 10:01PM

Private jet company NetJets has announced major job cuts. The company, which is owned by Warren Buffett's Berkshire Hathaway, will cut 350 jobs, five percent of its work force. The Columbus Dispatch also reports that the company is delaying an expansion of its Port Columbus campus. The project was to be one of the biggest economic-development projects in Ohio and Columbus fought valiantly to lure NetJets to Ohio. The company had promised that the $200 million expansion could create as many as 800 jobs within six years. The company had not accepted any public money for the expansion. Cash incentives were to be made in the form of reimbursement.

Like many jet operators NetJets has struggled in the economic slump. It lost nearly $350 million during the first six months of 2009. Many charters and fractional businesses have had layoffs in the wake of major decreases in business travel and some have folded up shop completely. Ohio government officials expressed confidence that the company would continue to stay in the state and would be an economic powerhouse once again.

Tags: berkshire hathaway, BerkshireHathaway, charter, netjets, private jets, PrivateJets