Home / Business / Raytheon, parent company of Pratt & Whitney, announces further layoffs | news

Raytheon, parent company of Pratt & Whitney, announces further layoffs | news



(WFSB) – Raytheon, the parent company of Pratt & Whitney, has announced that its plans for layoffs are deepening.

The company announced in July that it was cutting more than 8,000 jobs.

On Wednesday, the company said the number had grown to 15,000.

Raytheon has yet to provide a breakdown of where the job cuts will take place, or whether Connecticut employees will be affected, as both Pratt & Whitney and Collins Aerospace have offices in other parts of the country.

A statement from CEO Greg Hayes said, “I would like to tell you that the commercial aviation team jumped on this crisis and are driving about $ 2 billion in cost cutting and $ 4 billion in money conservation actions this year. . These cost actions include the elimination of more than 1

5,000 positions in our commercial aerospace and corporate organizations. These headcount reductions are nearly double the previous estimate of around 8,500 we returned to you in July. And we’re not done looking for more ways to reduce structural costs across all of our businesses. “

Airports are empty and the impact is being felt tremendously on airlines.

“Air travel is likely to lag behind until people have the confidence, faith and security that they can travel safely,” said Brian Marks of the University of New Haven.

Brian Marks, professor of economics at the University of New Haven, predicts that the impact on aviation will only get worse.

“Raytheon’s announcement suggesting they may not see a return to the commercial airline aspect of their business until 2023 is not a surprise,” Marks said.

Channel 3 has called for a breakdown of how many jobs in each industry will be cut, but Raytheon doesn’t agree with that.

Both Pratt & Whitney and Collins Aerospace have locations across the country, so the full impact on Connecticut is still a mystery.

This news comes just days after Raytheon was awarded a $ 579 million contract from the Department of Defense. Experts say the defense side of the business is separate from the commercial side, so the injection of money wouldn’t have prevented layoffs.

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