HARTFORD, Conn. (AP) — United Technologies will cut another 1,500 this year and next on top of the 900 positions it has already eliminated in 2010, the company said Monday.
The industrial conglomerate last week posted almost a 14 percent increase in second-quarter net income, citing a "relentless focus on cost." It cut deeply into its payroll during the worst of the recession, cutting 11,600 jobs last year.
These most recent job cuts come, however, with the company posting its first increase in revenue in about two years as aerospace and refrigerated transportation orders rebound. The company also raised its profit expectations.
The parent company of jet engine manufacturer Pratt & Whitney, Otis elevator, Sikorsky Aircraft and other businesses said in a regulatory filing it will take restructuring and other costs of $121 million this year.
The Hartford, Conn., company didn't specify where the job cuts would take place. It is a giant company that employed 206,700 workers as of the end of 2009.
It said it had cut about 900 jobs as of June 30.
Ari Bousbib, president of commercial companies at United Technologies, told investor analysts last month that the company has cut costs at its Fire and Security segment by moving manufacturing to low-cost sites.
At Carrier heating, ventilating and air conditioning, United Technologies cut overhead and general and administrative costs and took other cost-saving actions, he said. The business also shed 11,000 employees, about a quarter of the work force, Bousbib said.
Bousbib also called United Technologies' efforts to lower overhead costs at Otis, the elevator division, a "way of life."
United Technologies Corp. said Monday no plans for "significant other actions have been finalized."
Shares rose 69 cents, or 1 percent, to close at $71.59 Monday.