Collins Aerospace is moving to cut costs in the face of financial headwinds buffeting the industry, company officials confirmed Tuesday.
While not announcing specific job cuts, various media reports have indicated Collins Aerospace is pursuing a company-wide “minor workforce reduction.”
“Collins Aerospace is implementing actions to align its cost structure with the ongoing aerospace recovery,” a company spokesperson said, declining to provide further information on the matter.
A Connecticut Insider Article, however, indicated Collins Aerospace was cutting about 800 jobs, which would comprise about 1% of its 80,000 company-wide workers.
Collins Aerospace has nearly 9,000 employees in Iowa, most in Cedar Rapids, where two of the company’s divisions – Mission Systems and Avionics – are based. The company has laid off an estimated 180 employees statewide since September 2020, most recently cutting 37 positions in Cedar Rapids in September 2021.
In May 2021, Collins Aerospace CEO Stephen Timm told investors the company hoped to cut $1 billion in expenses by 2025.
Collins Aerospace is a division of RTX, which was formed from the merger of Raytheon and United Technologies in 2020, creating one of the world’s largest aerospace and defense companies in a $135 billion deal. As a result of that deal, RTX became the parent company of Collins Aerospace, including its operations in Cedar Rapids.
