24 January 2003
Raytheon cuts jobs
New York - Defense contractor Raytheon Co. on Friday said it would cut about 600 jobs at its aircraft unit.
Company executives unveiled the plans for the cuts, which represent about 5% of the unit's staff, as it also released Raytheon's fourth-quarter results. The company posted a loss of $15 million for the quarter.
Raytheon has been trying to sell the aircraft business, which makes turboprop planes and Beech and Hawker jets. The unit employs about 11,800 people worldwide. Raytheon employs about 78,000 people.
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