Raytheon doubles job cuts to 15,000, citing airline downturn
WALTHAM, Mass. (AP) – Raytheon Applied sciences Corp. plans to eradicate greater than 15,000 jobs this 12 months at its company places of work, jet engine-maker Pratt & Whitney and aviation and navy tools producer Collins Aerospace amid the downturn within the airline business, Chief Govt Officer Greg Hayes mentioned Wednesday.
The job cuts on the Waltham, Massachusetts-based firm are almost double the full it initially introduced in July.
Hayes, talking throughout a Morgan Stanley analysts convention by way of webcast, mentioned the cuts quantity to administrative price reductions of about 20% at Pratt & Whitney, primarily based in East Hartford, Connecticut, and about 12% at Collins Aerospace, primarily based in Charlotte, North Carolina.
Pratt & Whitney has seen store visits decline 60% for the reason that second quarter, and Collins Aerospace noticed a 65% drop in industrial spare components orders, Hayes mentioned, noting international industrial air site visitors is down about 45% amid the coronavirus pandemic, down from an 80% drop in March.
Raytheon is searching for $2 billion in price reductions and $four billion in money conservation this 12 months, he mentioned.
The corporate’s defense-related enterprise, nonetheless, stays sturdy, Hayes mentioned.
Raytheon shares closed at $62.92 Wednesday, up $1.48.
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