Raytheon to Cut 20,000 Jobs as Commercial Market Nosedives

 In Air, GDI

(Source: The Wall Street Journal; published Oct. 27, 2020)

Raytheon Technologies Corp., the biggest aerospace supplier by sales, said it is cutting 20,000 jobs this year—up from a previously announced 15,000—as it adjusts to the shrinking airline industry and the sharp drop in jetliner orders and deliveries.

The company, which supplies engines, aircraft seats and other parts to airlines and plane makers, said the cuts include a 20% reduction in its commercial arm. It is also reducing its office and factory space by as much as a quarter in response to pandemic-driven changes in demand and working conditions.

Raytheon had previously disclosed around 15,000 job cuts at its Collins Aerospace and Pratt & Whitney engine arms. It said Tuesday that contractor hiring had been halved to 4,000, while corporate staff was reduced by 1,000.

Aerospace suppliers are shedding thousands of jobs in response to the collapse of airline traffic, though Raytheon has been able to fall back on military sales such as engines for the F-35 combat jet and Patriot missiles. (end of excerpt)

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