Waltham-Based Raytheon Furloughs Workers, Cuts Cost By $2 Billion

WALTHAM, MA — In early May the Waltham-based aerospace and defense company Raytheon Technologies said because of coronavirus it would be furloughing employees, instituting a hiring freeze, deferring merit increases and cutting pay for some salaried employees in an effort to reduce costs by $2 billion.

"Pandemic has led to unprecedented economic uncertainty and of course a huge slowdown in commercial aerospace," chief executive Gregory Hayes said during a call with investors, the Bloomberg News reported.

Raytheon Technologies employs about 195,000, and roughly half of its workforce is working from home because of the pandemic, according to the Boston Globe.

Last week the company filed a change with the Securities and Exchange Commission that it would be amending the average price of its stock, according to a separate Globe piece, in what it described as a financial rescue of sorts.

“On May 22, 2020, Raytheon Technologies Corporation (the 'Company') entered into an amendment (the 'Amendment') to the Employee Matters Agreement previously made by and among the Company, Carrier Global Corporation ('Carrier') and Otis Worldwide Corporation ('Otis'), dated as of April 2, 2020 (the 'Agreement')," reads the SEC regulatory filing.

A spokesperson did not respond to Patch request for comment about the impact of coronavirus.

Read more:

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