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UTC to Lay-Off 12,000

HARTFORD-United Technologies Corp. is altering its initial $600 million of restructuring actions up to $750 million.

By Ryan Clark | Updated on March 12, 2009

HARTFORD-United Technolgies Corp. is adjusting its estimate of $600 million of restructuring actions in ’09 and pushing the needle up to $750 million in response to expected revenue for this year. As part of these actions, the company will cut 11,600 people from its staff, roughly 5% of its workforce. The producer of ion batteries cites “anticipated 2009 revenues $2.7 billion below [United's] guidance due to contracting markets worldwide,” according to a release.

The guidance earning per share is getting adjusted to $4.00 to $4.50 range, “including $0.30 to $0.40 for the $750 million of total ’09 restructuring costs net of anticipated one-time gains of $200 million to $350 million.

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