ROCKFORD, Ill. (WTVO) — In a letter sent to employees Tuesday, Collins Aerospace parent company, Raytheon Technologies, announced it would be cutting its employees pay and implementing furloughs.
Starting June 1, Raytheon Technologies said it will reduce its salaried employees’ pay by 10 percent until the end of the year. Those same employees will get an extra 15 days off this year.
In the letter, CEO Greg Hayes, said, “Commercial aerospace has been particularly hard hit. Airline travel in the U.S. alone is down 96%, and we are seeing similar trends globally. Our commercial business partners have begun dramatically scaling back on their operations in order to preserve capital and protect the long-term needs of their businesses, and now we must do the same.”
Hayes said Raytheon Intelligence & Space and Raytheon Missiles & Defense would not be impacted by these actions.
“As the vast majority of these businesses align to the industrial defense base, these parts of our company have a duty to stay fully operational to serve the critical needs of the U.S. Department of Defense and its allies,” he said. “The robust strength of these segments of our business will help shield the company overall as we manage through this complex business environment.”
Hayes said he has volunteered to take a 20% pay cut.
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