UTX’s Pratt & Whitney Lays Off Salaried Workers and 2 Other Dow Movers to Watch
United Technologies Corp. (NYSE:UTX): Current price $105.16
In a Wednesday statement, the United Technologies subsidiary Pratt & Whitney announced that it is laying off 400 of its salaried workers, among which include 200 positions in Connecticut, at once. The firm said that it constantly assesses its staff levels so as to match them up with business and economic conditions, and makes modifications to “keep our cost structure competitive.” The subsidiary will provide severance pay, help finding new employment, group insurance, and employee scholar program benefits to the outgoing workers.
In the statement, which was quite similar to the one issued earlier in 2013 when 350 employees were laid off, Pratt & Whitney said that, “Our long-term outlook is very bright; however, to secure this bright future we must address some near-term challenges.”