Sikorsky to retrench 1,400 jobs due to low helicopter demand
June 4, 2015 By Zacks
Sikorsky Aircraft Corp. is reportedly considering plans to retrench 1,400 jobs in the next year as it counters lower demand on falling oil prices. The layoffs will include 342 employees on the direct payrolls of Sikorsky and 560 contractual staff in the U.S. and 510 workers in Poland.
Sikorsky is one of the world’s largest manufacturers of military and commercial helicopters. It also provides aftermarket helicopter and aircraft parts and services for its parent company United Technologies. Major production programs at Sikorsky include the UH-60M Black Hawk medium-transport helicopters and HH-60M Medevac helicopters for the U.S. and foreign governments, the S-70 Black Hawk for foreign governments, the MH-60S and MH-60R helicopters for the U.S. Navy, the International Naval Hawk for multiple naval missions, and the S-76 and S-92 helicopters for commercial operations.
With sustained decline in oil prices, major oil exploration companies have reduced their capital investments in offshore oil exploration projects. In addition, macroeconomic challenges have led to softness in demand in the global military market as well. Consequently, Sikorsky is likely to consolidate some of its operations in Poland, Pennsylvania and Connecticut facilities. | READ MORE