{"id":32828,"date":"2020-10-27T14:49:16","date_gmt":"2020-10-27T14:49:16","guid":{"rendered":"https:\/\/one.sightlinemg.com\/defensenews\/uncategorized\/2020\/10\/27\/raytheon-to-lay-off-20000-amid-commercial-aviation-slide\/"},"modified":"2026-08-07T22:38:19","modified_gmt":"2026-08-07T22:38:19","slug":"raytheon-to-lay-off-20000-amid-commercial-aviation-slide","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/defensenews\/industry\/2020\/10\/27\/raytheon-to-lay-off-20000-amid-commercial-aviation-slide\/","title":{"rendered":"Raytheon laying off 20,000 amid commercial aviation slide"},"content":{"rendered":"\n

WASHINGTON \u2015 Raytheon Technologies is cutting 15,000 staff and 4,000 contractor positions, largely at the company\u2019s Pratt & Whitney and Collins Aerospace divisions, due to decreased commercial aerospace sales from COVID-19 pandemic, CEO Greg Hayes said Tuesday on the company\u2019s earnings call.<\/p>\n\n\n\n

The Waltham, Mass., aerospace giant is the latest company to announce losses since the pandemic has sent commercial aerospace companies reeling<\/a>, costing them tens of thousands of jobs and millions in lost profits. Hayes projected the market segment wouldn\u2019t get a sharp rebound, but instead see \u201ca long, slow recovery,\u201d over several years.<\/p>\n\n\n\n

\u201cWe don\u2019t expect commercial air traffic to return to 2019 levels, until at least 2023. And that\u2019s of course depending upon the timing of a widely distributed vaccine. In the near term, we expect a gradual recovery of commercial air traffic particularly given the recent spike in global cases [of coronavirus],\u201d Hayes said.<\/p>\n\n\n\n

\u201cAs you know, we set aggressive targets in the first quarter to reduce costs by about $2 billion and to take actions to conserve about $4 billion in cash, making difficult but necessary actions to reduce headcount,\u201d Hayes said.<\/p>\n\n\n\t