UTC reverses potential employee furloughs
The planned furloughs of around 4,000 employees of United Technologies Corp (UTC) were cancelled. The furlough was supposed to start on Monday but was called off after the Pentagon announced that it would be calling back majority of its 400,000 civilian employees to work. In a written statement, Defense Secretary Chuck Hagel said the Pentagon and the Justice Department concluded that workers who contributed to the morale, well-being, capabilities and readiness of the country's service members would be allowed to return to work.
UTC, the sixth largest contractor of the US government, said they appreciated the efforts conducted by the Administration and Congress to get those furloughed back to work.
Meanwhile, the profits of UTC rose in the second quarter of this year. According to a Bloomberg report in July, the contractor posted USD 1.56 billion in net income compared to only USD 1.33 billion in the same period last year. UTC CEO Louis Chenevert said the USD 16.5 billion acquisition of Goodrich Corp also contributed to the company's profits for the second quarter.
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