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Raytheon doubles job cuts to 15,000, citing airline downturn
Read full article: Raytheon doubles job cuts to 15,000, citing airline downturnWALTHAM, 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, Massachusetts-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, Connecticut, and about 12% at Collins Aerospace, based in Charlotte, North Carolina. Raytheon is seeking $2 billion in cost reductions and $4 billion in cash conservation this year, he said.
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