Raytheon Cutting 15,000 Jobs: CEO

Gillian Smith
Updated ·1 min read

ANDOVER, MA — Raytheon Technologies Corp., which has locations in Andover and Waltham, announced Wednesday it plans to cut 15,000 jobs in the aerospace industry due to fallout from the coronavirus pandemic.

At a Morgan Stanley conference, Raytheon CEO Greg Hayes announced the cuts as part of efforts to reduce $2 billion in costs this year and save $4 billion, as the pandemic has reduced airline travel and demand for new planes, Bloomberg reported Wednesday. In July, Raytheon said it planned to cut 8,500 jobs.

“We see a gradual return to flight across all commercial markets but probably not a full return to 2019 levels until somewhere around 2023,” Hayes said, according to the Bloomberg report. “It really depends on the timing of a vaccine.”

The job cuts are expected to happen this year, according to Bloomberg.

This article originally appeared on the Andover Patch