Raytheon Technologies president and CEO Greg Hayes has revealed plans to reduce the workforce across its aerospace and corporate organisations by 15,000 jobs.
The organisations include jet engine manufacturer Pratt and Whitney and aerospace and defence products supplier Collins Aerospace.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Speaking at the Morgan Stanley Virtual 8th Annual Laguna Conference, Hayes said the impact of Covid-19 pandemic has severely damaged its commercial aerospace divisions.
The move is part of the company’s plan to reduce costs to emerge stronger post-pandemic.
Hayes was quoted by media sources as saying: “Given the slope of the recovery, I think the folks have taken a more aggressive look at headcount, and we’re really pushing through trying to exceed that $2bn. We’re going to look for additional savings this year.
“We don’t want to screw anything up but we want to make sure that when this pandemic does end whenever that is — that we’re actually in a position to have a lower cost structure than when we started.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe company did not provide specific details on the locations that will be affected by the announcement.
In July, the company announced it is considering cutting about 8,500 jobs.
In March, Raytheon and aerospace technology provider United Technologies have secured all compulsory regulatory approvals for their all-stock merger of equals.
In June, American industrial conglomerate Textron reportedly planned to lay off up to 1,950 employees, which represents 6% of its workforce.
