Honeywell Increases Number of Job Cuts
Honeywell International Inc. again raised the number of jobs it will eliminate this year, to 15,800, or 13% of its work force, because of the turmoil in the airline industry.
The company will take a third-quarter charge of as much as $700 million to cover the costs of trimming the payroll, Chief Executive Lawrence Bossidy said at an investor meeting. Honeywell last week slashed its profit forecast and had projected more than 12,000 job cuts, up from 8,200 previously planned.
Revenue from sales of avionics, cockpit controls and other aerospace products will decline by about 3% this year to $9.7 billion, Bossidy said.
Shares of Morris Township, N.J.-based Honeywell, a component of the Dow Jones industrial average, rose $3.04, or 10%, to $27.84 on the NYSE.
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