United Technologies To Lay Off Nearly 12,000 Workers | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Most Recent Daily Episodes

Episode Date

Airborne-Monday

Airborne-Tuesday

Airborne-Wednesday Airborne-Thursday

Airborne-Friday

Airborne On YouTube

Airborne-Unlimited-02.26.24

Airborne-NextGen-02.27.24

Airborne-Unlimited-02.28.24 Airborne-FlightTraining-02.29.24

Airborne-Unlimited-02.23.24

Wed, Mar 11, 2009

United Technologies To Lay Off Nearly 12,000 Workers

Aerospace Losses Contribute To Dour Forecast

The conglomerate that owns such notable aerospace companies as Sikorsky, Pratt & Whitney, Rocketdyne and Hamilton Sundstrand will cut 5 percent of its global workforce this year, the latest victim of a staggeringly awful global economy.

United Technologies Corp. announced Tuesday it will shed 11,600 jobs from all divisions this year, as the company revised its once-optimistic forecast of an economic recovery this year.

"The outlook for commercial aerospace and global construction markets has continued to deteriorate," Louis Chenevert, president and CEO, told the Wall Street Journal.

It wasn't long ago UTC expressed much different sentiments. As ANN reported in January, the company was lauded for its impressive performance in 2008; Sikorsky, in particular, posted 25 "organic growth" over the previous year, which helped offset downturns in other segments of UTC's portfolio.

At the time, Chenevert predicted the economy at large would be on the path to recovery by the second half of 2009... but evidence now indicates that's just not going to happen. "Now I don't believe there's going to be a recovery in '09," Chenevert said.

While aerospace will likely perform better than other UTC companies like Otis Elevator and Carrier air conditioners -- both tied to the slumping housing and construction sectors -- almost all industries in United Technologies' diversified portfolio are expected to take a hit.

After projecting strong growth in shipments for 2009 just three months ago, Pratt & Whitney now hopes engine deliveries in 2009 will be flat, and not drop further... as the market for business aircraft continues its freefall.

"These are tough things you'd rather not do, but it was important to get out there and be aggressive and proactive," Chenevert said of the planned layoffs, which are expected to be focused on administrative and sales staff.

Sikorsky remains one bright spot for UTC, with expected shipments up to 15 percent higher in 2009 thanks to demand for helicopters for the military and offshore oil platform operators.

FMI: www.utc.com

Advertisement

More News

ANN FAQ: How Do I Become A News Spy?

We're Everywhere... Thanks To You! Even with the vast resources and incredibly far-reaching scope of the Aero-News Network, every now and then a story that should be reported on sl>[...]

ANN's Daily Aero-Term (02.29.24): Blind Spot

Blind Spot An area from which radio transmissions and/or radar echoes cannot be received. The term is also used to describe portions of the airport not visible from the control tow>[...]

Airborne 02.23.24: GA Sales UP, IRS v BizAv, Twin Otter Ferry Suit

Also: Air Canada ChatBot, USPA Seeks Action, JetBlue Pilots, G700 Records The General Aviation Manufacturers Association (GAMA) showed that business is doing all right, with all ai>[...]

Aero-News: Quote of the Day (03.01.24)

“These improvements at the Hartzell Service Center give our customers extended warranty protection and additional inventory, leading to less flight downtime. We continually l>[...]

ANN's Daily Aero-Term (03.01.24): No Gyro Approach

No Gyro Approach A radar approach/vector provided in case of a malfunctioning gyro-compass or directional gyro. Instead of providing the pilot with headings to be flown, the contro>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2024 Web Development & Design by Pauli Systems, LC