Piper Aircraft Inc. on Monday announced it will lay off 150 employees and release 55 contract personnel as a result of a decision to indefinitely suspend its Piper Altaire light business jet program.
Layoffs will begin this week and progress through the end of the year as the program winds down. Employees will receive individual separation packages depending on factors such as the length of time they were employed, said Piper spokeswoman Jackie Carlon.
Contract personnel were let go today. The contract personnel were largely engineers working as independent contractors or through an agency. They were primarily based at the Vero Beach facility. according to the company.
While the Altaire program was on schedule and budget, Carlon said "the market for light business jets is not recovering sufficiently enough or quickly enough for us to continue developing the program under the economic conditions we currently face,"