Hartford-based United Technologies Corp., which owns Pratt & Whitney jet engines and Sikorsky Aircraft, expects to cut 11,600 jobs and is lowering its 2009 forecast because of a deteriorating commercial aerospace market.
A UTC spokesman said the job cuts will be worldwide and across the company’s business units, but details have yet to be worked out.
UTC employs about 26,000 Connecticut workers in its Pratt, Sikorsky, Otis Elevator, Carrier, Hamilton-Sundstrand and UTC Power divisions.
Last month, Pratt & Whitney Canada announced it would lay off 1,000 workers, about 10 percent of its work force.
In December, Pratt & Whitney announced 350 workers would be laid off in its U.S. operation, including 280 workers in Connecticut.
The latest moves, part of an expanded $750 million restructuring program, are being driven by a decline in anticipated revenue, which is now expected to total $55 billion this year, down $2.7 billion from a December estimate. Analysts polled by Thomson Reuters expected $55.2 billion.
From 2008 to 2009, UTC will have cut 18,000 jobs, or 8 percent of its work force, CEO Louis R. Chenevert said in a statement today. But those and other cost-saving measures totaling about $1 billion will enable UTC to remain competitive, Chenevert said.
UTC also now forecasts earnings per share between $4 and $4.50, less than the $4.60 analysts anticipated.
At 11 a.m., UTC traded at $39.57, up $2.01, or 5.4 percent. (AP)
