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AEROSPACE

Times Staff and Wire Reports

Raytheon Offers Buyouts to 4,400: Raytheon Co. says it seeks to trim its defense-related work force at its Massachusetts plants without resorting to firings. In a memo to hourly employees represented by the International Brotherhood of Electrical Workers Local 1505, Raytheon said that the “continued decline in Department of Defense procurement” is forcing the company to cut jobs. The Lexington, Mass.-based defense contractor reached an agreement with union officials for a “special voluntary severance program to minimize the number of involuntary layoffs.” The company wouldn’t say how many of the 4,400 jobs it wants to pare. After the announcement, Raytheon shares rose 75 cents at $53.25 on the New York Stock Exchange.


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