VERO BEACH, Fla. - VERO BEACH, Fla. -- There's some bad news for workers on the Treasure Coast.
Piper Aircraft Incorporated has announced their plans to lay off 150 employees and release 55 contract personnel after deciding to suspend their light business jet program.
The company stated in a press release that while they are keeping up with their budget and performance goals, "planned development costs had risen above the point that were recoverable under foreseeable light jet market projections."
The layoffs will start in the coming days and go through to the end of the year as the program winds down.
Employees will receive individual separation packages depending on factors like the length of time they were employed.
"Unfortunately and regrettably, this will have serious consequences for many talented Piper employees and for our Piper Altaire customers," the press release stated.
The company says they plan to put more efforts into their turboprop and piston-powered aircraft. As they reorganize their business, Piper claims they will help employees affected by layoffs to relocate to other companies and employers seeking professionals in the field.