L3Harris cuts 5% workforce in cost-saving measure
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FILE PHOTO: The logo and ticker for L3Harris are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 1, 2019. REUTERS/Brendan McDermid
(Reuters) - U.S. defense contractor L3Harris cut 5% of its workforce earlier this month in a bid to streamline its business and save costs, CEO Chris Kubasik said in a post-earnings conference call on Friday.
The announcement confirms a Reuters report from Tuesday which said the company would cut 5% of its workforce this year, citing an email sent to employees.
Though U.S. defense contractors are seeing a notable increase in orders amid conflicts in the Middle East and between Russia and Ukraine, they continue to face headwinds from supply chain and labor disruption stemming from the pandemic, impairing margins.
(Reporting by Utkarsh Shetti in Bengaluru; Editing by Shailesh Kuber)
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