Pratt & Whitney will cut an additional 1,700 jobs

Pratt & Whitney announced Jan. 24 that it will cut an additional 1,700 jobs in its Connecticut jet engine factories because of falling demand, in addition to the 3,500 job cuts it announced in 1998. P&W's employs a total workforce of 31,000 people worldwide. Lockheed Martin said Jan. 27 that it would cut 2,800 jobs, mainly in its aeronautical and space sectors and at its Bethesda, Maryland headquarters, hoping to save $200 million per year. Today, the company said it would halve its quarterly dividend and announced fourth quarter and full-year 1999 results in line with revised estimates. (company statements)