Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Raytheon warns of worker losses as companies impose vaccine mandate

Published 10/26/2021, 02:12 PM
Updated 10/26/2021, 05:51 PM
© Reuters. FILE PHOTO: A security officer stands guard in front of a Raytheon stand at the 53rd International Paris Air Show at Le Bourget Airport near Paris, France June 21, 2019. REUTERS/Pascal Rossignol

(Corrects vaccination deadline in paragraph 1 to Dec. 8, not Jan. 1, removes reference to mid-December in paragraph 3)

(Reuters) - Raytheon Technologies (NYSE:RTX)' top boss warned on Tuesday the U.S. aerospace and defense firm will lose 'several thousand' employees who refused to take COVID-19 vaccines, as it prepares to meet the Biden administration's Dec. 8 deadline for immunization.

"We will lose several thousand people," Raytheon (NYSE:RTN) Chief Executive Greg Hayes said in a CNBC interview on Tuesday, adding that staff hiring was underway. The company has a total of 125,000 U.S. employees.

Raytheon, the maker of Tomahawk missiles, last month said it will require all U.S. employees to be fully vaccinated, after the Biden administration mandated immunization for nearly all federal employees and contractors, to widen vaccination coverage in the country.

Many federal contractors, such as Boeing (NYSE:BA) Co, 3M and American Airlines (NASDAQ:AAL), have announced vaccination mandates since. European planemaker Airbus, which supplies helicopters to the U.S. Army, also joined the list on Tuesday.

"We will require all employees and temporary workers of Airbus in the U.S. to be fully vaccinated against COVID-19 by Dec. 8," a company spokesperson said.

Other companies such as Gillette maker Procter & Gamble (NYSE:PG) Co also have mandates in place.

To be sure, not every company is facing a pushback from its employees. United Food and Commercial Workers, the union which represents 26,000 workers at Tyson Foods Inc (NYSE:TSN), said on Tuesday over 96% employees were now vaccinated.

While some other large U.S. employers such as Walmart (NYSE:WMT) were yet to issue broad requirements, the Labor Department's standards will require them to introduce mandates.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Separately, Raytheon's Hayes said he expects Biden's vaccine mandate to cause "some disruption" in the supply chain in a post-earnings conference call.

General Electric (NYSE:GE), another federal contractor that has mandated vaccines, however, said it was too early to say if the decision would have an impact on the U.S. conglomerate's operations.

"We will have a better read as we get closer to the compliance date," GE Chief Executive Larry Culp told Reuters.

(This story corrects vaccination deadline in paragraph 1 to Dec. 8, not Jan. 1, removes reference to mid-December in paragraph 3)

Latest comments

medical treatment cannot be compulsory....
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.