Pratt and Whitney’s management begins negotiations on a new contract with the union representing its Connecticut machinists this morning.
The jet engine maker is looking to contain costs, and so wages and health benefits may be a point of contention. But the talks are not likely to include any job reductions -- the company is looking to expand its hiring in coming years as it ramps up production of its new geared turbofan engine. Any new contract that comes out of the talks will be voted on on December 4.
The impact of Marriott’s takeover of Starwood Hotels and Resorts is becoming a little clearer. The company now says it will lay off 163 employees in Stamford at the end of this year. Marriott is headquartered in Maryland, and is shedding many of the duplicated functions at Starwood’s Connecticut headquarters. Some employees will be able to reapply for other positions within the company. Starwood moved to Stamford after being given state incentives, and was given a further low-cost loan package two years ago in return for a promise to increase employment there.
Xerox Turns a Profit
Norwalk-based Xerox has swung to a profit in the third quarter, after recording a loss in the same period of 2015. The business equipment and services company made $181 million, or 17 cents a share in the three months to the end of September, compared to a loss of four cents a share last year. Xerox is in the midst of a reorganization that will see it split into two separate publicly traded companies.