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United Tech to slash around 12,000 jobs
By siliconindia
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Wednesday, 11 March 2009, 19:15 IST |
4 Comments
Boston: The recession will expunge more jobs with U.S. based United Technologies planning to slash around 12,000 jobs. Doomed by the economic crisis, the elevators and air conditioners maker has brought down its profit target by around 13 percent and will slash 11,600 jobs.
"The economic recovery previously anticipated in the second half of 2009 now appears unlikely," said Louis Chenevert, CEO of the Hartford, Connecticut-based company. Currently, the company has employed about 220,000 people.
It expects to earn $4 to $4.50 per share in 2009, lower than the $4.65 to $5.15 per share it previously forecast. The company includes 30 cents to 40 cents per share of restructuring charges, as well as some expected one-time gains.
