Raytheon sheds 8,000 aerospace jobs amid collapse in air travel

Raytheon Technologies Corp. has slashed roughly 8,000 jobs in its commercial aviation businesses as the maker of jet engines and airliner systems contends with the travel collapse caused by the coronavirus pandemic. The virus’s impact on plane trips “has proven to be a lot worse” than what the company originally projected just a few months ago and traffic probably won’t return to 2019 levels until 2023, Raytheon Chief Executive Officer Greg Hayes said Tuesday on a call with analysts. Some of the lost jobs will return once jetliner demand picks up, he said. The cuts underscore the pain in commercial aviation as the prospects worsen for a speedy rebound in flying. Raytheon disclosed furloughs in May as part of a bid to preserve $4b in cash and pare costs by $2b, but didn’t reveal how many jobs would be affected. General Electric Co.’s aviation unit, which competes with Raytheon to supply engines for single-aisle planes, has said it would eliminate 13,000 jobs -- or about a quarter of its workforce. “Looking ahead, we expect the pressures in commercial aerospace to persist” as aircraft production and repair work for installed jet engines remain low, Hayes said.<br/>