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Thu, Nov 19, 2015

Honeywell Furloughs 25 Percent Of Its Workforce

Company Employs About 40,000 Worldwide

Citing "slow global economic growth," Honeywell will require about 25 percent of its workforce to take five unpaid days of leave between November 23 and December 27.

Television station KPHO reports that the furloughs were announced in an email to employees last Thursday. Along with a sluggish economy, the company cited economic conditions in Russia and China, as well as declines in U.S. defense spending, as reasons for the furloughs.

“We must revisit our fixed costs and workforce resources to best position us in this slow growth economy and take advantage of the efficiencies we are achieving to ensure an appropriate cost structure for 2016 and beyond,” the email from company managers stated.

Company spokesman Steven Brecken confirmed the furloughs.

FMI: www.honeywell.com

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