Raytheon (RTN) will recognize $85M in cost savings annually by cutting 200 jobs and reducing its...

|About: Raytheon Company (RTN)|By:, SA News Editor

Raytheon (RTN) will recognize $85M in cost savings annually by cutting 200 jobs and reducing its business units to four. The company's Network Centric Systems business will be split up and the parts allocated to the remaining businesses. The company's CEO says the changes "will help enhance productivity, agility and affordability in a challenging defense market environment." Defense spending cuts are forcing contractors to be nimble in order to preserve profitability.