Finance Feeds logo

Sikorsky cut 1400 employees due to low offshore workers demand

Noam Stiekema

Sikorsky Aircraft announced it would cut 1,400 jobs over the next year, after the US manufacturer of helicopters is facing weaker demand for workers on offshore oil platforms in the sea. On Tuesday, the subsidiary of United Technologies, based in Stratford, Connecticut, announced that “declines in oil prices”, leading to a significant decline in capital […]

SikorskySikorsky Aircraft announced it would cut 1,400 jobs over the next year, after the US manufacturer of helicopters is facing weaker demand for workers on offshore oil platforms in the sea. On Tuesday, the subsidiary of United Technologies, based in Stratford, Connecticut, announced that “declines in oil prices”, leading to a significant decline in capital investments of oil companies to explore for oil deposits in the sea affects Sikorsky, reducing production levels. Furthermore, the demand for “certain international military products” is also less.

Job losses linked to production concerns facilities in Connecticut, Pennsylvania and Poland. Sikorsky intends to consolidate production volumes and terminate its operation in Bridgeport. The cuts will affect about 9.2% of the company’s workforce, which equals about 15 200 people.

Spokesman Paul Jackson said the cuts are not related to the decision of United Technologies to explore options for selling, release or assignment of Sikorsky. The judgment of the company’s future to be announced next month. Sikorsky announced that its sales for 2014 amounted to almost 7.5 billion USD, taking into account the 19% increase compared to 2013.

Subscribe

Read this next

Executive Moves

Scope Markets promotes James Hughes to head of marketing

Belize-based FX and CFDs brokerage Scope Markets has promoted James Hughes, who until recently was its head of brand, to take on an expanded role as the company’s global head of marketing.

Retail FX

Fraudsters clone Financial Commission’s website, two ex-members under suspicion

The Financial Commission, an industry-specific dispute resolution service that caters to the financial services industry, today announced that it believes a clone website has been impersonating its membership roster.

Retail FX

CMC Markets warns of operational challenges in Q1

CMC Markets PLC (LSE:CMCX) said in a trading update for the fiscal year 2023 that February and March posed a more challenging environment with lower equity volumes and a higher proportion of lower margin institutional trading activity.

Interviews

Why Is Digital PR So Important for Financial Service Providers? Buzz Dealer’s CEO Uri Samet with the Answers

Digital PR is all about spreading your message faster, wider, and stronger in the online world, through proper SEO, link-building, and organic and paid social media work.

Inside View

Why And How Are Virtual Cards Disrupting The Finance Industry

Virtual cards have the potential to revolutionize the finance industry by providing faster and more secure payments, wider acceptance, and eco-friendliness.

Interviews

Sweat Economy’s Oleg Fomenko on upcoming launch of Move-to-Earn app in the US

With the crypto winter’s biggest hurdles seemingly behind us as the prices of Bitcoin et al. climb the charts again, the Web3 economy is preparing for the next phase.

Industry News

OptionMetrics acquires Woodseer to add dividend forecast data for equities

“The addition of Woodseer’s product suite will enhance our ability to serve financial market stakeholders and academic institutions in their analysis of equity market performance and risk.”

A.I. news analysis firm Almax Analytics testing with SUMO Capital
Digital Assets

Metacade raises over $14.7M as presale set to close in 72 hours

Metacade, one of the most exciting GameFi ventures of 2023, has now raised over $14.7m as the presale goes into its final hours. With over 90% sold, the project expects to sell out ahead of their scheduled closing time, set for Friday 31st March at 23:59 Pacific Time. 

Digital Assets

Coinme launches Circle’s USDC on Stellar network

“By enabling USDC on Stellar in the Coinme wallet, anyone with cash can now utilize the Stellar blockchain to access a fully-backed dollar digital currency. People can now swap their cash for USDC on Stellar and send it in seconds for the cost of a penny.”

<
✖