March 10, 2009 (FinancialWire) -- United Technologies Corp. (NYSE: UTX) plans to initiate $600 million of additional restructuring actions for 2009 and now expects restructuring for the year to total $750 million. The actions will result in global employment reductions of 11,600, primarily from overhead and SG&A reductions throughout UTC.

The company said that additional hourly workforce adjustments may occur during 2009 based on market driven production volume changes. The expanded restructuring responds to anticipated 2009 revenues $2.7 billion below the company's December guidance due to contracting markets worldwide.

United Technologies said it will revise its earnings per share guidance to a range of $4.00 to $4.50, including $0.30 to $0.40 for the $750 million of total 2009 restructuring costs net of anticipated one-time gains of $200 million to $350 million.

The company said that the earnings per share range excludes the impact of acquisition-related costs, if any, resulting from the adoption of SFAS 141(r). The revised revenue guidance of around $55 billion also includes $1 billion from the first-time adoption of EITF Issue No. 07-1, which covers revenues associated with engine collaboration agreements. The company continues to expect 2009 cash flow from operations less capital expenditures equal to or in excess of net income.

UTC also revised share repurchase guidance for the year to $1 billion from $2 billion while preserving the usual acquisitions placeholder of $2 billion.

Hartford, Connecticut-based United Technologies provides a range of technology products and support services to the building systems and aerospace industries.

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