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Raytheon Doubles Job Layoffs to 15,000, Citing Airlines Slowdown | Saint-Louis economic news



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A sign stands on the road leading to the Raytheon facility in a photo on Monday, June 10, 2019, in Marlborough, Mass. Raytheon Technologies plans to cut more than 15,000 jobs this year at its company offices, the engine maker jet Pratt & Whitney and manufacturer of aeronautical and military equipment Collins Aerospace. CEO Greg Hayes on Wednesday announced revised job cuts at a Morgan Stanley analyst conference.

Bill Sikes

WALTHAM, Mass. (AP) Raytheon Technologies Corp. plans to cut more than 15,000 jobs this year at its corporate offices, jet engine maker Pratt & Whitney and aircraft and military equipment maker Collins Aerospace amid a downturn in the airline industry, Chief Executive Officer Greg Hayes said Wednesday.

Job cuts at the Waltham, Mass., Company are almost double the total originally announced in July.

Hayes, speaking at a Morgan Stanley analyst conference via webcast, said the cuts amounted to administrative cost reductions of around 20% at Pratt & Whitney, based in East Hartford, Connecticut, and d ‘About 12% at Collins Aerospace, based in Charlotte, North Carolina. .

Pratt & Whitney has seen store visits drop 60% since the second quarter, and Collins Aerospace has seen a 65% drop in commercial spares orders, Hayes said, noting that global commercial air traffic was down by about 45% in the midst of the coronavirus pandemic, down from an 80% drop in March.

Raytheon is asking for $ 2 billion in cost reduction and $ 4 billion in cash savings this year, he said.

The company’s defense-related business remains strong, however, said Hayes.

Raytheon shares closed at $ 62.92 on Wednesday, up $ 1.48.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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