Military Contractor Raytheon Cuts 15,000 Jobs Including Pratt & Whitney — CEO Still Earns Millions
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Raytheon Technologies, a large U.S. defense contractor, announced plans to lay off over 15,000 people.
The cuts will affect the workers at the company's jet engine-builder, Pratt & Whitney, and its aviation and military equipment manufacturer, Collins Aerospace. A number of Raytheon's business divisions have been adversely impacted by the Covid-19 pandemic.
At a Morgan Stanley investment conference, Raytheon CEO Greg Hayes said, "I would tell you the commercial aero team has jumped on this crisis, and they're driving about $2 billion in cost reduction and $4 billion in cash conservation actions this year.
These cost actions include the elimination of more than 15,000 positions across our commercial aerospace and corporate organizations.
Those headcount reductions are nearly double the previous estimate of around 8,500 that we gave you back in July.
And we're not done yet looking for further ways to reduce structural costs...
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