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The Briefcase: Raytheon: Most Collins Aerospace job cuts are done

The Briefcase: Raytheon: Most Collins Aerospace job cuts are done

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Raytheon: Most Collins Aerospace job cuts are done

Raytheon Technologies Corp. said Friday that most of the job cuts affecting its Collins Aerospace division have been made.

Greg Hayes, Raytheon’s chief executive, told analysts Wednesday the company plans to double the number of job cuts in its commercial-airline and corporate operations from 8,500 to 15,000. At 15,000, it represents about 7.7% of its pre-pandemic 195,000 worldwide workforce.

Before the brunt of the COVID-19 pandemic hit in mid-March, Raytheon had about 1,500 Collins employees in Winston-Salem, along with about 1,000 at a hub in Charlotte.

Many of those local employees were required to take furlough weeks that began during the second quarter and may last through at least the end of the year. Hayes said about 12% of Collins’ overall workforce would be cut.

Raytheon has declined to say how many local jobs have been eliminated or how the additional job cuts would be carried out.

On July 31, Raytheon confirmed it had eliminated an undisclosed number of Collins Aerospace employees on a companywide basis. Media reports indicate a sizable number occurred at its Cedar Rapids, Iowa, operations that once served as the headquarters for Rockwell Collins Inc.

Richard Craver

Wells Fargo closes 21 branches in western U.S.

Wells Fargo & Co. reported to its federal regulator, the U.S. Comptroller of the Currency, that it has closed another 21 branches in the U.S., this time none in North Carolina.

The OCC disclosed the individual branches Friday. The branches were closed on Sept. 8.

The bank closed 10 branches in California, four in Oregon, two each in Arizona and New Mexico and one each in Colorado, Texas and Wyoming.

On Sept. 2, the bank closed 27 branches, including its 3305 Battleground Ave. location in Greensboro. On Aug. 4, Wells Fargo closed 21 branches. On July 21, it said it was eliminating another 21 branches, including one in Cary.

There are announced plans to close up to 900 branches from 2018 to 2022 to reduce the total to between 5,000 and 5,100. The bank had 5,300 branches as of June 30, but with at least 1,100 temporarily closed in response to the pandemic.

Richard Craver

BAT names new chief medical officer

British American Tobacco Plc said Friday it has named Dr. Hutan Ashrafian as its chief medical officer, effective Sept. 14.

BAT is the parent company of U.S. subsidiary Reynolds American Inc. of Winston-Salem.

Ashrafian is responsible for overall medical governance, including over BAT’s clinical studies and post-market surveillance.

Ashrafian also is overseeing development and expansion of BAT’s multi-category approach, which offers consumers a wide range of potentially lower-risk alternatives to traditional cigarettes, including electronic-cigarettes, tobacco heated products and modern oral nicotine pouches.

Richard Craver

22nd Century adds to board of directors

22nd Century Group Inc. said Thursday that it has appointed Michael Koganov to its board of directors.

The company, based in Williamsville, N.Y., operates a tobacco-manufacturing plant in Mocksville, where it had 51 of its 69 employees at last count.

Koganov will serve as chairman of its Scientific and Technical Advisory committee.

Koganov has focused his research on the development of natural products using plant biotechnology, such as physico-chemistry, biochemistry, bioelectrochemistry and biotechnology.

He co-founded IBT LLC, which developed the proprietary and sustainable Zeta Fraction technology, which selectively isolates efficacious components from living plants and marine sources to produce a wide range of biofunctional ingredients.

Richard Craver

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