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United Technologies To Cut 11,600 Additional Jobs

United Technologies Corp. lowered its 2009 earnings outlook on Tuesday and said it will reduce headcount by an additional 11,600 workers as conditions in the aerospace and construction industries deteriorate further.

The Hartford, Connecticut based conglomerate (UTX) significantly lowered its full year forecast across all its businesses, with revenue to decline in its Otis elevator and Carrier ventilation-system divisions because of the slump in commercial and housing construction.

"People are executing backlog at a slower pace," said Chief Executive Louis Chenevert during a conference call with analysts.

They're doing so because either they don't have the credit or they are cautious about the end markets they serve, he explained.

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Created by Nemo 1 year 9 weeks ago – Made popular 1 year 9 weeks ago
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