United Technologies Subsidiary Cuts 350 Jobs
Jan 15th 2013 4:41PM
Updated Jan 15th 2013 5:25PM
United Technologies subsidiary Pratt & Whitney announced Tuesday that to bring its staffing levels into line with "current business and economic conditions" and "keep our cost structure competitive," it is laying off 350 workers. Two hundred of the layoffs will take place at company locations in Connecticut, with the balance spread around the rest of the company.
In an emailed statement, Pratt advised that its "long-term outlook is very bright." Nevertheless, "near-term challenges" exist that necessitate the layoffs.
Shares of the parent company are up modestly on the news at $85.83.
The article United Technologies Subsidiary Cuts 350 Jobs originally appeared on Fool.com.Rich Smith and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.