Raytheon Deepens Job Cuts to 15,000, Slates Factory Review
- Aerospace manufacturer seeks to save more than $2 billion
- Pratt, Collins operations suffer as airline travel sags
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Raytheon Technologies Corp. aims to cut 15,000 jobs -- much deeper than than previously planned -- and review its factory footprint as Chief Executive Officer Greg Hayes prepares to capitalize when commercial air travel recovers from the coronavirus pandemic.
The plans could result in more than the $2 billion in costs cuts already targeted by the company, which is also implementing additional measures to preserve $4 billion in cash. In July, the maker of jet engines and other aircraft parts projected it would cut about 8,500 jobs.