United Technologies (NYSE: UTX ) subsidiary Pratt & Whitney announced Tuesday that to bring its staffing levels into line with "current business and economic conditions" and "keep our cost structure competitive," it is laying off 350 workers. Two hundred of the layoffs will take place at company locations in Connecticut, with the balance spread around the rest of the company.
In an emailed statement, Pratt advised that its "long-term outlook is very bright." Nevertheless, "near-term challenges" exist that necessitate the layoffs.
Shares of the parent company are up modestly on the news at $85.83.