Textron will close as many as 20 plants and cut an undisclosed number of jobs as a result of reduced demand for the company's OmniQuip construction products.

The cutbacks are expected to take place during the next four to five quarters, according to the Providence, R.I., company.

The changes, which will focus on the company's industrial business and mirror similar cuts by Ingersoll-Rand and Caterpillar, will save $30 million to $50 million next year, according to Textron CEO Lewis Campbell. The firm employed about 68,000 people at the start of the year.

The firm did announce a rise in third-quarter profit and sales of 8.2 percent and 16 percent, respectively, although those jumps were attributed to the success of the company's Bell helicopter and Cessna aircraft units.

Third-quarter net income rose to $158 million, or $1.08 a share, compared with $146 million, or 95 cents a share, a year ago.