Internal Honeywell memo sent to employees in the U.S., Puerto Rico and Canada
As witnessed with our recent cost-saving measures, Aerospace continues to experience the effects of a slowdown in certain business segments. The industry has experienced more than 30,000 job reductions in the last year along with ongoing earnings volatility. Customers continue to cut costs in their supply chain and reduce inventory in their factories, resulting in uneven short-term customer demand for our business.
To navigate this challenging environment, we must move faster, make quicker decisions, and be more effective and efficient. Improving our organizational speed by addressing our workforce and management structure, including the number of organizational levels and reporting scope, will help drive faster growth and better serve our customers.
Based on these factors, we are conducting a workforce reduction in Honeywell Aerospace for the United States, Canada and Puerto Rico. We fully understand the individual and collective burden and stress this decision creates so will move as quickly as possible through the process and inform affected employees as soon as details are finalized.