BRIEFLY / AEROSPACE : United Technologies Plans More Job Cuts
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United Technologies Corp. said it will expand its job cuts by 9,135, bringing the total under an announced restructuring to 14,500, or about 10% of its work force before the cuts. The maker of Pratt & Whitney aircraft engines has already cut 5,365 jobs across its divisions. The company declined to specify the operations targeted for cuts, but a spokesman said the majority will come from outside the U.S. Chief Executive George David said the company will meet current 1999 earnings estimates of $2.96 a share, the average estimate of analysts polled by First Call Corp. He expects profit to increase by 15% in 2000, when sales are expected to rise between 8% and 10%. The Hartford, Conn.-based company expects to take a third-quarter charge of about $470 million, less than the $650 million it previously announced, and another restructuring-related charge of about $200 million in its fourth quarter. United Technologies shares fell $2.25 to close at $58.63 on the New York Stock Exchange.
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