Raytheon to cut more than 15,000 jobs amid airline slowdown

A sign at a Raytheon Co. campus in El Segundo, Calif.

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WALTHAM, Mass. — Raytheon Technologies Corp. 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 Aerospace amid the downturn in the airline industry, Chief Executive Officer Greg Hayes said Wednesday.

The job cuts at the Waltham, Mass.-based company are nearly double the total it initially announced in July.

Hayes, speaking during a Morgan Stanley analysts conference via webcast, said the cuts amount to administrative cost reductions of about 20% at Pratt & Whitney, based in East Hartford, Conn., and about 12% at Collins Aerospace, based in Charlotte, N.C.



Pratt & Whitney has seen shop visits decline 60% since the second quarter, and Collins Aerospace saw a 65% drop in commercial spare parts orders, Hayes said, noting global commercial air traffic is down about 45% amid the coronavirus pandemic, down from an 80% drop in March.

Raytheon RTX, +2.40% is seeking $2 billion in cost reductions and $4 billion in cash conservation this year, he said.

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

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


Originally published on MarketWatch

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