United Technologies to cut workforce by 11,600

United Technologies Corporation (UTC) (NYSE: UTX) have been hit hard by the deterioration of the commercial aerospace market, as a result they are to cut their workforce by 11,600. This decision is part of the company’s $750 million restructuring program.

Louis Chenevert, President and Chief Executive Officer of UTC has said that over a two-year period, staff reductions will total more than 18,000, that is 8 percent of its workforce.

United Technologies Corporation is based in Hartford, Connecticut, and research, develop and manufacture high-tech products in a number of areas. Those areas include aircraft engines, fuel cells, fire and security and much more.

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