United Technologies Corp., the world’s largest maker of elevators and air conditioners, said it will cut 11,600 jobs worldwide to cope with the global economic slowdown.

The Hartford, Connecticut-based conglomerate (UTX) is also lowering its 2009 profit forecast. The cuts are part of an expanded $750 million restructuring program.

The company, which owns Pratt & Whitney jet engines and Sikorsky helicopters, cut its 2009 earnings per share forecast to between $4 per share and $4.50 per share, down from its December outlook of $4.65 to $5.15. Analysts, on average, had expected $4.60.

United Technologies also reduced the amount it would spend on share repurchases by half this year to $1 billion. Last month, Pratt & Whitney Canada announced plans to lay off up to 1,000 employees because of falling business jet orders.

Daily Contributor