Jet engine maker Pratt & Whitney said it plans to eliminate 1,000 jobs in Connecticut by 2011, transferring engine repair work to the Southeastern state of Georgia and Asia in a cost-cutting initiative.

This subsidiary of United Technologies Corp. (UTX) will close down its Cheshire, Connecticut, plant by early 2011. From the second quarter of 2010, it will begin shifting some operations from the East Hartford facility to Columbus, Georgia, Singapore and Japan. Pratt & Whitney, which is suffering due to sagging demand from airlines, employs 35,000 workers worldwide, with 11,000 in Connecticut.

The company rejected an offer that the Machinists union valued at more than $80 million in wage and other concessions and a state plan proposing $100 million in economic assistance over five years. Pratt & Whitney has vastly scaled back operations in the state since the 1960s, when more than 20,000 workers were employed.

Pratt

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Another Treasury auction today…  Goldman says to buy euros!  Oil fuels Commodity Currencies!  RBNZ to meet tonight… And Now… Today’s Pfennig! Good day… And a Wonderful Wednesday to you! Well… Yesterday was “Turn Around Tuesday”! Add to that, the fact that there were a number of reasons for the euro to lead the charge for currencies VS the dollar yesterday. And… A word from one of the economists that I keep on my list of “to read”… So, let’s get to the tape from Turn Around Tuesday!

I heard yesterday someone say “well, we sure turned around today in the currencies”… And I thought, Shoot Rudy, why not name it Turn Around Tuesday? Then I went back to the history page on my trusty Bloomberg, and saw that on 4 of the last 5 Tuesdays, the currencies did in fact “turn around” their performances from the day before! Not that this is something we can

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