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

Raytheon Applied sciences plans to eradicate greater than 15,000 jobs this yr at its company places of work, jet engine-maker Pratt & Whitney and aviation and navy gear producer Collins Aerospace

WALTHAM, Mass. — Raytheon Applied sciences Corp. plans to eradicate greater than 15,000 jobs this yr at its company places of work, jet engine-maker Pratt & Whitney and aviation and navy gear producer Collins Aerospace amid the downturn within the airline business, Chief Government Officer Greg Hayes mentioned Wednesday.

The job cuts on the Waltham, Massachusetts-based firm are practically double the entire it initially introduced in July.

Hayes, talking throughout a Morgan Stanley analysts convention through webcast, mentioned the cuts quantity to administrative value reductions of about 20% at Pratt & Whitney, based mostly in East Hartford, Connecticut, and about 12% at Collins Aerospace, based mostly in Charlotte, North Carolina.

Pratt & Whitney has seen store visits decline 60% because the second quarter, and Collins Aerospace noticed a 65% drop in business spare elements orders, Hayes mentioned, noting international business air site visitors is down about 45% amid the coronavirus pandemic, down from an 80% drop in March.

Raytheon is in search of $2 billion in value reductions and $four billion in money conservation this yr, he mentioned.

The corporate’s defense-related enterprise, nonetheless, stays robust, Hayes mentioned.

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