Collins Aerospace, Cedar Rapids’ largest employer, will seek $85 million in cost reductions in 2021, according to its parent company Raytheon Technologies’ earnings call Tuesday morning.
It comes as Collins Aerospace faced a 70 percent drop in adjusted operating revenue and 25 percent drop in adjusted sales in 2020.
Leaders from Raytheon Technologies directly attributed the depressed numbers to the impact of the coronavirus pandemic on the commercial aerospace industry.
“It was obviously one of the most challenging years for our company, the commercial aerospace industry at large and for everyone around the globe,” said Greg Hayes, Raytheon’s CEO.
In 2020’s fourth quarter alone, Collins Aerospace reported a 92 percent loss in adjusted operating revenue and 32 percent loss in adjusted sales compared to the fourth quarter of 2019.