Massachusetts-based Raytheon Technologies plans to cut 15,000 jobs across their aerospace and corporate organizations, which include Pratt & Whitney and Collins Aerospace, according to the company's president and CEO.
In a from a presentation from Raytheon Technologies at the Morgan Stanley Virtual 8th Annual Laguna Conference, company President and CEO Greg Hayes announced the cuts, saying the pandemic has hurt their commercial aerospace divisions significantly. The cuts will amount to a 20% reduction in expenses at Pratt and Whitney, and a 12% reduction at Collins. The company did not say what specific locations would be affected.
The cuts are nearly double a previous estimate of 8,500 job cuts the company predicted in July.
A company spokesperson said the 15,000 count includes cuts in the U.S. and also some international locations.
Hayes cautioned that the company is still looking at ways to reduce costs and more cuts may be coming.
Commercial airline travel has taken a huge hit during the pandemic, with travel restrictions and safety concerns prompting many to cancel trips and hold off on travel plans.
NBC Connecticut has reached out to Pratt & Whitney and Collins Aerospace for more details, but has not yet heard back.