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Raytheon doubles career cuts to 15,000, citing airline downturn


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Raytheon doubles career cuts to 15,000, citing airline downturn

Raytheon Technologies plans to eliminate more than 15,000 jobs this year at its corporate offices, jet engine-maker Pratt & Whitney and aviation and military equipment manufacturer Collins AerospaceSeptember 16, 2020, 9:46 PM• 1 min readWALTHAM, Mass. — Raytheon Technologies Corp. plans to eliminate more than 15,000 jobs this year at its corporate offices, jet engine-maker…

Raytheon doubles career cuts to 15,000, citing airline downturn

Raytheon Technologies plans to eliminate extra than 15,000 work opportunities this year at its corporate places of work, jet motor-maker Pratt & Whitney and aviation and navy machines producer Collins Aerospace

September 16, 2020, 9: 46 PM

1 min browse

WALTHAM, Mass. — Raytheon Technologies Corp. programs to do away with much more than 15,000 positions this yr at its company workplaces, jet motor-maker Pratt & Whitney and aviation and army devices maker Collins Aerospace amid the downturn in the airline field, Chief Executive Officer Greg Hayes stated Wednesday.

The work cuts at the Waltham, Massachusetts-dependent corporation are almost double the overall it in the beginning introduced in July.

Hayes, speaking through a Morgan Stanley analysts conference by using webcast, explained the cuts amount of money to administrative cost reductions of about 20% at Pratt & Whitney, centered in East Hartford, Connecticut, and about 12% at Collins Aerospace, based in Charlotte, North Carolina.

Pratt & Whitney has witnessed shop visits decline 60% considering the fact that the 2nd quarter, and Collins Aerospace observed a 65% fall in professional spare elements orders, Hayes claimed, noting global industrial air website traffic is down about 45% amid the coronavirus pandemic, down from an 80% fall in March.

Raytheon is trying to find $2 billion in price tag reductions and $four billion in dollars conservation this yr, he mentioned.

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The company’s defense-associated organization, however, continues to be sturdy, Hayes reported.

Raytheon shares shut at $62.92 Wednesday, up $1.48.


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