Job Cuts Hit Sikorsky, Qantas
Qantas is expected to cut up to 5,000 jobs, including pilots, and sell off its terminal lease at the Melbourne airport as it struggles to get out of debt, according to media reports this week. An official announcement from the airline is expected on Thursday. A Qantas spokesman wouldn't comment on the speculation, but said the airline will have to make "some tough decisions" to cut $2 billion in expenses over the next three years. The airline sunk into debt by adding capacity ahead of passenger demand while the economy failed to rally, according to The Australian. In the U.S., helicopter manufacturer Sikorsky also is continuing to reduce jobs, with 600 cuts announced on Friday.
The cuts at Sikorsky follow 200 layoff notices sent last July, and 200 more in September. The company cited the "challenging and unstable economic conditions that continue to affect our industry." The U.S. military has cut back on its orders for Black Hawk helicopters, cutting Sikorsky's sales by hundreds of millions of dollars. Recent reports have claimed that parent company United Technologies may be looking for a buyer for Sikorsky, but the company has declined to comment.