Pratt & Whitney expects to make "significant" additional layoffs this year, the head of the United Technologies jet-engine unit said on Thursday.
Its parent company plans about new 1,500 job cuts in Connecticut this year, which will be spread between Pratt and Hamilton Sundstrand, which makes aviation components, said Pratt & Whitney President David Hess.
"We expect that a significant chunk of that number will come from Pratt," Hess said in an interview. The business cut 1,000 positions from its Canadian arm earlier this year.
He added that Pratt was exploring acquisition opportunities in the engine business as well as in the power industry. The company makes gas-powered electric turbines and has recently taken on United Tech's geothermal power operation.
"There's probably even more opportunity" on the power side, Hess said. "The industry is more fragmented and newer."
Along with most United Tech divisions, Pratt in March lowered its forecast for the year. It warned that operating profit could be flat to down USD$50 million, from USD$2.12 billion last year, with revenue flat with last year's USD$12.97 billion.
Pratt's competitors in the jet-engine business include US conglomerate General Electric and Britain's Rolls-Royce.
