So Much for That Late 2009 Recovery…

When United Technologies CFO Greg Hayes said in January that the company was “preparing for tougher times ahead,” he wasn’t kidding. Hamstrung by the global slowdown in commercial construction, the aerospace conglomerate is taking a hatchet to both its 2009 profit target and its workforce. In a statement issued this morning, United (UTX) announced plans to sack 11,600 employees globally, part of a $750 million restructuring plan. And that may only be the beginning. The company said that more cuts may be needed in 2009, which isn’t looking any better than 2008. Said UTC CEO Louis Chênevert, “the economic recovery previously anticipated in the second half of 2009 now appears unlikely.”