MESSAGE FROM THE AEROSPACE LEADERSHIP TEAM
Dear Colleague:
Honeywell continues to experience the effects of a slow-growth global economy, further compounded by a slowdown in certain Aerospace-related business segments. In addition, there have been more than 30,000 job reductions throughout the Aerospace and Defense industries in the last year, along with continued earnings volatility.
Although we are seeing growth in some parts of the business and have gained efficiencies through technology enhancements and improved execution, we continue to face significant headwinds that require us to further optimize our cost structure. While the actions we take are always difficult, unfortunately we have made the decision to implement a second quarter furlough and cancel our 2016 merit increase program.
Furlough
Aerospace will conduct an unpaid work shutdown, or furlough, in the United States and Puerto Rico as follows:
• All employees will be required to take one full work week of furlough as defined by payroll. The furlough will begin at 12 a.m. on June 27 and will run through 11:59 p.m. on July 3, 2016.
• HTSI, FM however, we will continue to consider additional actions to address the industry’s challenges. Your support will help us perform under these difficult circumstances and reallocate investment funding where it’s needed most – in support of sustainable, long-term growth.
The Aerospace Leadership Team