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March 17, 2009

UTC’s Chief Says Canceling F-22 Could Cost 3,000 Jobs

Connecticut could lose between 2,000 and 3,000 jobs, mostly at United Technologies Corp., if the Pentagon cancels production of the F-22 fighter jet, UTC said Monday.

The cuts would be predominantly at Pratt & Whitney and Hamilton Sundstrand, but would also include job losses at Connecticut suppliers, a UTC spokesman said, clarifying remarks made earlier in the day by Louis ChĂȘnevert, UTC’s chief executive.

Any F-22-related cuts at UTC would be in addition to the 11,600 job reductions that UTC said it will make worldwide this year.

March 10, 2009

United Technologies to Cut 11,600 Jobs Worldwide

United Technologies Corp. plans to cut 11,600 jobs as the global recession and credit crunch lead to lower sales and profit than previously projected by the maker of Otis elevators and Carrier air conditioners.

The company also will reduce its share buyback plan by 50 percent to $1 billion, Hartford, Connecticut-based United Technologies said in a statement today.

Source: Bloomberg

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