United Technologies Will Slash 11,600 Jobs

Tough commercial aerospace market drives cuts
By Newser Editors and Wire Services
Posted Mar 10, 2009 8:28 AM CDT
In this April 18, 2007 file photo, a model of a C-17 Globemaster III, which is powered by Pratt and Whitney F-117 engines, sits in front of the offices of United Technologies in East Hartford, Conn.    (AP Photo/Fred Beckham)
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(Newser) – United Technologies Corp, which owns Sikorsky Aircraft and Pratt & Whitney, maker of jet engines, will cut 11,600 jobs and has lowered its 2009 forecast in a crumbling commercial aerospace market. The moves, part of an expanded $750 million restructuring program, are fueled by a decline in anticipated revenue, which is now expected to total $55 billion this year, down $2.7 billion from a December estimate.

Analysts polled by Thomson Reuters expected $55.2 billion. United Technologies also now forecasts earnings per share between $4 and $4.50, less than the $4.60 analysts anticipated.