Jet engine maker Pratt & Whitney cuts 300 US jobs
Friday, May 25, 2012
EAST HARTFORD, Conn. (AP) — Jet engine maker Pratt & Whitney is cutting 300 salaried jobs in the United States, including 200 in Connecticut.
Spokesman Bryan Kidder said Thursday that orders for its geared turbofan engines are not expected until 2014 or 2015 and some military programs are ending.
Kidder says the job cuts represent 1 percent of the global workforce of the United Technologies Corp. subsidiary.
David Hess, president of Pratt & Whitney, told reporters on May 2 that sales are expected to double to $24 billion by the end of the decade. But the company must get through a tough few years as the military requires different engines for new fighter jets.
High fuel costs and the weak economic recovery also are pressuring airline customers.
Pratt & Whitney posted sales of $3.05 billion in the first quarter, up 6 percent. Profit slid 9 percent, to $389 million.
Shares of United Technologies fell 58 cents to $73.48 in trading Thursday. Its shares are closer to the low end of their 52-week range of $66.87 to $91.83 per share.
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