November 25, 2020

Raytheon Shares Off – Job-Cut Plan Nearly Doubles

Raytheon Technologies  (RTX) – Get Report shares were slipping on Thursday after the aerospace and defense giant said the company would be eliminating more than 15,000 jobs due to the slowdown in the airline industry brought on by the coronavirus pandemic shutdown.

“Those head-count reductions are nearly double the previous estimate of about 8,500 that we gave you back in July,” Chief Executive Greg Hayes said on a Morgan Stanley investor-and-analyst call on Wednesday. 

Shares of the Waltham, Mass., company at last check were down 1.2% to $62.15.

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