United Technologies to slash 11,600 jobs

Diversified entity United Technologies Corp today said it will reduce the headcount by 11,600 employees as part of its restructuring efforts.

The company offers a broad range of high technology products and support services to the building systems and aerospace industries.

United Technologies today announced a $600 million worth additional restructuring actions and now expects total charges related to restructuring to be $750 million this year.

"These actions will result in global employment reductions of 11,600, primarily from overhead and SG&A (Selling, General and Administrative) reductions throughout UTC," the firm said in a statement.

It noted that additional hourly workforce adjustments may occur during 2009 based on market driven production volume changes.

Savings from 2008 and 2009 restructuring and other 2009 actions will result in total cost reductions exceeding $1 billion in 2009.

"Employment reductions will total approximately 18,000 or slightly more than eight per cent over the two years," the company's President and Chief Executive Officer Louis R Chenevert said.