L3H planning large layoff - engineers, fellows, BD. Already started in August with overhead functions (recruiters, hr, etc.) New rocket business is causing cash flow issues - with orders down, CEO is trying to influence stock prices. When direct charging positions are being eliminated, it’s time to carefully consider the future.
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Well.... 3 stands for Layoff Layoff Layoff
TheLayoff.com may not be the best place to ask this question......
I currently have a offer on the table with this company at the Greenville location - should i steer clear ?
@eqvl+1owMgYYN union workers are already being let go, and have been for a couple of months.
The company is circling the drain.
L3Harris has made a huge mistake: While demand for space engines is growing, Aerojet Rocketdyne isn't winning the contracts. It's losing to companies that make better engines for cheaper. The Aerojet bid on United Launch Alliance's Vulcan Centaur rocket ended when Blue Origin won the contract instead. And Aerojet's engines that power NASA's Space Launch System are so expensive that they are the object of an investigation into cost overruns at Project Artemis. (NASA)
Over the past three years, L3Harris has seen its revenues shrink at an average rate of 6.6% per year, while earnings contracted at a 17% rate. Aerojet is worse. Aerojet grew its revenues at a 5.3% rate, but its earnings shrank at a rate of 18%. L3Harris may look at Aerojet Rocketdyne stock as a solution to its problem of slow growth. But Aerojet Rocketdyne is a perennial underperformer that's likely to drag L3Harris down further. Looks like L3Harris is in decline overall. The company is already cutting costs, people and resources across the board, This means job reductions and lots of them. 80% of company stock is owned by institutional investors, and they want changes.
The leadership at L3Harris thought the acquisition of Aerojet Rocketdyne would put them in a good position. But it has backfired. Lockheed Martin is already creating it's own rocket engine business so they won't have to buy from L3. Raytheon and Northrop Grumman are pursuing similar options. Looks like L3Harris stepped on it's own d--k. I'm glad I dumped the stock when it was $200. I'm also glad I retired early just 8 months ago. My former colleagues in New Jersey and counting the days until they can retire. Layoffs in Clifton are no longer a rumor. The director has been fired along with several supervisors. The hourly workers are expecting layoffs before the holidays.
L3 Harris technologies in Clifton has dumped its director of operations. After 3 years with the company and four promotions, this clueless puppet of Melbourne has been given the heave ho. His predecessor, another poor leader, lasted just 3 years. It seems after Harris acquired this company from ITT and it's subsequent merger with L3, the leadership from Florida has been an abysmal failure. Operations has gone through eight managers in just two and a half years. Nearly all of the supervisors in assembly and test have either resigned, taken non-leadership positions, or have been forcibly demoted.. Engineers and seasoned technicians continue to leave this company in droves. Yet, every time one of their methodologies fails, Melbourne punishes the rank and file by taking things from them. The end has been well underway for a while. Now, there is talk of unionized workers being laid off by this Christmas. Don't wait for the price of your stocks to go up. It's not going to happen. get rid of it and take the loss on your taxes. if you work there, the time to leave is now before the job market dries up. if you are holding shares in the company, cut your losses now and dump them. L3 Harris technologies will soon be a forgotten enterprise. and the sooner the better. Our warfighters deserve better.
Which locations are laying off?
To whoever said I hope it’s Greenville/Waco, fu-k you
Camden laid off approx 30 engineers this week.
Greenville and Plano will have another round. Confirmed with reliable source.
7 Sep 2023 investor meeting, Chris said that everything is great with the new acquisition. Specifically saying-No surprises.
Let’s hope $hithole Waco and Greenville are tops on that list.
Which locations are laying off? Any detailed information would help.
Wish they would do something to get the stock prices up where I could unload what I have left. I’m afraid I should take my loss and unload it now before the whole company goes down the $4itter.
Agree rocket purchase more expensive to the company than CEO, CFO or COO planned for…good indication of their ability to lead. Layoffs are expected but in small batches. A large layoff requires pre-notification and they like Surprises instead.