Fri, Mar 27, 2009
As Many As 1,500 New Job Cuts In Connecticut
The news isn't surprising, though
the hard numbers are certainly disquieting. Reuters reports Pratt
& Whitney expects to cut as many as 1,500 additional jobs by
the end of 2009, as the enginemaker continues to scale back
operations due to the slumping economy.
Company president David Hess made those comments to Reuters this
week. The layoffs are part of the 11,600 jobs expected to be cut
this year among all divisions of Pratt parent company United
as ANN reported earlier this month.
Hess adds the 1,500 cuts will be distributed among Pratt &
Whitney and components maker Hamilton Sundstrand, though "[w]e
expect that a significant chunk of that number will come from
The enginemaker has also lowered its earnings forecast for 2009,
saying at best operating profits will be flat, to the worst case
down $50 million. That would follow 2008 numbers of a $2.12 billion
profit last year, on $12.97 billion in revenue.
Hess said despite the cuts, the company continues to look at new
opportunities. Pratt recently diversified its operations by adding
United Technologies' geothermal
power business under its banner.
"There's probably even more opportunity" on the power side, Hess
said. "The industry is more fragmented and newer."
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