Rockwell Collins: 'Disappointed but prepared for sequestration'

In a prepared statement, Rockwell Collins CEO Clay Jones expressed disappointment about today's announcement on sequestration but also said the company was poised to move forward.

“The negative impact of sequestration is a major setback for the aerospace & defense industry, and the U.S. economy as a whole,” stated Chairman and Chief Executive Officer Clay Jones of Rockwell Collins. “Fortunately, we saw this as a highly likely outcome and factored in the impacts of sequestration to our FY 2013 plan.”

The company assumed government revenues would be down 10 percent this year, roughly half of which is directly attributable to sequestration. In addition, the company has

adjusted its infrastructure,

reduced its operating costs and is planning up to 350 layoffs, although no actions will be taken until the exact impact on its military and commercial plans is known.