https://www.google.com/amp/s/www.seattletimes.com/business/raytheon-sheds-8000-aerospace-jobs-amid-collapse-in-air-travel/%3famp=1
Collins will take a huge hit followed by Pratt and Whitney. Stay safe everyone
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"According to the article, apparently 8,000 people have already been laid off.
It didn't mention anything about additional layoffs."
That article also didn't mention that layoffs were occurring in the the merged RTN BUs, but they are.
I can tell you with fact, that even at the time when that article was written there is a second date coming in August with a second round of lay-offs.
What type of restructuring is occurring on the RTN finance and supply chain departments?
The Chula Vista CA site got hit with a 25% cut. They've been cutting at this site for some time. A manufacturing has been move out. I expect they will close the site in the next year or two and move all engineering out of Chula Vista, possibly out of San Diego - high cost area.
I love how that article says due to covid lol. What a crock of sh–. So many layoffs and benefit cuts will be blamed on this it’s not even funny.
Looks like Collins in Ceder Rapids got some layoffs today. https://www.kcrg.com/2020/07/30/collins-aerospace-laying-off-employees-due-to-covid-19/
Yes, Chinese government, not the Chinese people. Having said that, the "ball" was dropped on so many fronts (CCP, CDC, USA gov, USA people, etc.). I wished we could have a "do over"!!! :o(
I agree with the comment below about keeping each other informed. This can really help everyone try to plan a bit better. On the legacy Raytheon side, we are in the middle of massive restructuring on the finance and supply chain side. The CEO keeps saying the defense side is doing well but I just don’t believe we won’t be impacted sooner or later
What dept is that where you and your team got their notices and what type of severance did the offer?
I read a good bit before going into work Tuesday evening. The amount of fluff in that meeting was almost unbearable. But after about 20 minutes I came to the part that was most directly involved with myself. Finally one of the panel asked Hayes point blank what they were planning when they spoke of further cost reductions. You’ll have to go look for yourself and find a transcript of the town hall for further details. I’m going to post here some verbatim comments he made in response to some questions.
“ You’re also going to see a ramp up in savings from headcount actions.
Again, about half of this cost savings in the first quarter – second quarter were headcount related, that number is going to almost double by the end of the year. So, again, we’re taking the actions and we’re really confident we’re going to see these improvements throughout the rest of the year.”
Question-“ Greg, just a quick question on sort of when you talk about the cost reductions, have you kind of been able to identify what you think is ultimately going to be permanent versus kind of the temporary actions to give you a real benefit when we think about exiting 2020?”
Hayes answer-“ Yeah. So, look, I think, as we think about the cost reduction that we saw on the quarter. You got about $200 million of A&D actions. You took about $100 million of discretion spending and the other $300 million was really employee related.
Some of that employee related costs will come back. Those are furloughs – for those of – us at the corporate office there’s a 10% furlough or 10% salary reduction with deferred merit. Some of those costs will come back. I think it’s important to note, the commercial aerospace reduced to about 8,000 positions. Some of those will come back with volume. Some of them will be permanently reduced.
And one of the things that I’m really focused on right now as we think about a recovery that may well take into 2023 is we need to take a look at some of the more structural costs that we have in our aerospace organization. That is cost in some high cost manufacturing locations. What can we get after to restructure those businesses later this year? So we’ll come back. The guys are looking at it and it’s going to be some tough things to do, but I think this is the opportunity to alter the overhead structure of the commercial arrow businesses. Again, I think, this is – it’s unfortunate, but it’s absolutely necessary given the market.”
Take that information as you will. But what I see is mass reorganization and layoffs among other things. I’m on the manufacturing side, I’m sure a lot of you are on the corporate side. We are all in this together. Any info we can get to help others see the troubles coming we should share. I just hope I can make it to my 3 year mark so I will be considered vested before I possibly get laid off or my pay and benefits slashed.
Heritage RC here. I got my notice this morning. Multiples on my team.
If there was no merger, UTC would be in deep trouble. It looks like the Raytheon part is saving them. With that said, there are silent layoffs going on at the merged Raytheon business units. Layoffs are gradually happening but just not publicly announced.
The usual trend has been that when the commercial market takes a downturn, the defense markets lags about 1 to 2 years behind for some reason.
Considering the current stimulus spending will impact the future DOD budget, that will "trickle-down" to defense article spending. Keep an eye on the next defense spending bill to get a heads up of what will happen, but I suspect there will be a couple of lean years.
Add in the unknowns of the pandemic, and the cutting RayTech needs to do because of the merger, and it will be a rough ride in the near term.
@met+16bObJuQ may be poor timing but think back on this in the future once commercial business returns. The military has its ups and downs too. May not be so far down the road either
For those of us coming from RTN, this is a "buyer's remorse" merger/marriage (cuz we will be asked to "share the pain"). :-(
According to the article, apparently 8,000 people have already been laid off.
It didn't mention anything about additional layoffs.