In an effort to augment its liquidity position in the long-term, not only is Textron Inc. - the company that makes Bell helicopters and Cessna aircraft – planning to reduce its global workforce by 5.5% or 2,200 jobs, it has also announced its exit from all finance businesses other than those which serve its manufacturing units directly.

Karen Gordon Quintal, a company spokeswoman, said that the job cuts announced would include the earlier announced reductions at company units.

The expansive industrial manufacturer expects a net loss of 81 cents to 91 cents per share in the fourth quarter. Moreover, a fourth-quarter restructuring charge of about $65 million will be taken to expand the job reduction, in the move to save nearly $100 million in 2009.

Textron is retaining finance divisions that serve its manufacturing customers directly, as it is a one-stop shopping situation. Alongside this, the company has also extended the finance facility of its revolving aircraft by a year, and the reserves at Textron Finance Corp. (TFC) have been increased.

Lewis Campbell, CEO Textron, is working towards speeding up a process to make the company better organized in the midst of the financial crisis worldwide. Noting that the company’s moves, like adding to reserves and others, should upshot a pretax loss of $130 million in the finance unit, Campbell said the execution of this new tactical direction for TFC is expected to “significantly enhance our long-term liquidity position in light of continuing disruption and instability in the capital markets.”