Pratt & Whitney Lays Off 400 Workers
In a statement today, Pratt & Whitney -- a subsidiary of United Technologies -- said it's immediately laying off 400 of its salaried workers, including 200 positions in Connecticut.
The company said it constantly assesses its staff levels to match up with business and economic conditions and makes changes to "keep our cost structure competitive." Pratt & Whitney will provide severance pay, assistance with finding new employment, group insurance, and employee scholar program benefits to the outgoing employees.
The company said in the statement, "Our long-term outlook is very bright; however, to secure this bright future we must address some near-term challenges." The statement is very similar to one the company made earlier this year, when Pratt & Whitney laid off 350 workers.
The most recent layoffs come after a "voluntary separation program" by the company -- in which Pratt & Whitney said it was pleased with the number of employees who participated, but added that "further reductions are necessary."
The article Pratt & Whitney Lays Off 400 Workers originally appeared on Fool.com.
Fool contributor Chris Neiger 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.
