United Technologies to cut 11,600 jobs worldwide
United Technologies Corp., the world’s largest maker of elevators and air conditioners, said it will cut 11,600 jobs worldwide to cope with the global economic slowdown.
The Hartford, Connecticut-based conglomerate (UTX) is also lowering its 2009 profit forecast. The cuts are part of an expanded $750 million restructuring program.
The company, which owns Pratt & Whitney jet engines and Sikorsky helicopters, cut its 2009 earnings per share forecast to between $4 per share and $4.50 per share, down from its December outlook of $4.65 to $5.15. Analysts, on average, had expected $4.60.
United Technologies also reduced the amount it would spend on share repurchases by half this year to $1 billion. Last month, Pratt & Whitney Canada announced plans to lay off up to 1,000 employees because of falling business jet orders.