DECEMBER 12, 2022 — CLOSURE OF ISRAELI COMPRESSOR BLADE FACILITY WITH 900 LAYOFFS
The company has announced its intention to close its Blades Technology Industry compressor blade production plant in Nahariya, Israel, and lay off 900 employees.
The production line will gradually be phased out starting in 2024 and shut down in 2025.
According to a company spokesperson, "for a long time, the factory has been sustaining major losses that are only growing.”
JANUARY 26, 2021 — MORE PAIN
Toby O'Brien, Raytheon’s Chief Financial Officer, noted in the 2020 Q4 earnings call, that “ we overdrove the cost reduction and cash conservation commitments we set early last year and we'll see continued benefits from those actions in 2021 and beyond.”
“Next, on the synergy front, excellent momentum there as we exceeded both our RTX and Collins targets in 2020 with a significant increase anticipated in 2021.”
“We also announced a number of other cost reductions that are more structural in nature. To start, we previously took the difficult action to reduce commercial headcount at Collins and Pratt by 15,000 and to eliminate 4000 contractor roles.”
“We have recently reduced commercial headcount at Collins by another 1500, bringing the total to 16500; and contractors by another 500 bringing the total to approximately 4500 contractors as we continue to position the business for strength as the industry recovers, reducing our total commercial aero headcount now by approximately 20%.”
OCTOBER 27, 2020 — MAJOR PAIN AHEAD
CEO Greg Hayes used the company’s earnings call to announce that Raytheon Technologies is cutting 15,000 staff and 4,000 contractor positions, largely at the company’s Pratt & Whitney and Collins Aerospace divisions, due to decreased commercial aerospace sales from COVID-19 pandemic.
OCTOBER 27, 2020 — Original post…
East Hartford, Connecticut-based Pratt & Whitney, the iconic manufacturer and servicer of civil and military aircraft engines and aerospace components, has announced a major involuntary reduction in force among their salaried workers. The company has declined to enumerate the number of layoffs.
According to a company statement...
Pratt & Whitney continues to experience and forecast reduced commercial business due to COVID-19. This has forced us to take further actions to align with current and future business demand in an evolving environment. We have made the extremely difficult but necessary decision to implement an involuntary separation program for our salaried workforce. These actions are consistent with steps taken by our customers and competitors. Out of respect for the impacted employees who are being informed today, we are not providing any additional information at this time.
As difficult as these decisions are, taking actions to resize our workforce today, while managing our cost structure and continuing to invest in new programs, positions Pratt & Whitney for the long term and ensures a strong future for the company, our employees, customers and shareowners.
The company, a subsidiary of Raytheon Technologies, is feeling the effects of the global turndown in commercial aviation which has idled major aircraft fleets. Raytheon has suggested that it would be reducing headcount by approximately 15,000 people company-wide.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?