WALTHAM — Raytheon Co. said it is reorganizing and plans to cut 200 jobs. The defense contractor is consolidating some units to increase productivity and better meet customer’s needs, it said, adding that it expects to save about $85 million annually.
The company declined to say which locations or operations would see job cuts. Raytheon has roughly 68,000 employees worldwide. The company said the consolidation is not expected to have any effect on its 2013 financial outlook.
The company also said it has elected Thomas Kennedy to the new position of executive vice president and chief operating officer. Kennedy previously was vice president of Raytheon and president of its integrated defense systems business. He will lead the company’s consolidation efforts and will manage day-to-day operating activities, along with contributing to long-range planning.
The company reported in January that its fourth-quarter net income fell 14 percent as it suffered from lackluster sales in an era of military cost-cutting.