United Technologies crisis hits hard

The U.S. company is planning sharp cuts. 18,000 posts will be deleted and an end to the slump is not in sight. The stock market’s pleased.
The U.S. conglomerate United Technologies has its profit target for 2009 by 13 percent. The company had until December its lowered expectations for 2009 and forecast in January at the balance sheet template again confirmed. Current estimates of the group the situation is even more pessimistic: The expected revenue to $ 2.7 billion lower than expected. Most recently, United Technologies of the proceeds in the amount of $ 57 billion expected.

Nearly 12,000 jobs more than last year announced will now be deleted. Thus, the world’s largest manufacturer of elevators and air conditioners around 18,000 bodies away. This represents slightly more than eight percent of the entire workforce.

The outlook for the construction industry and commercial aviation would have been the end of 2008 continued to deteriorate, said United Technologies CEO Louis Chenevert, the body cuts. Also likely that the economy is not as expected in the second half to recover. The Group will this year exceed $ 1 billion savings.

On the stock market in New York, the shares in morning trading by 5.6 percent. The Group expects this year with a profit from 4 to 4.50 euros per share. United Technologies is in addition to air conditioning systems, elevators and fire and components for the aerospace industry.

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