Job fears aerospace giant Meggitt announces major cuts

0
138


An engineering company that employs 1,000 people in the region has announced major reductions.

The aerospace engineering group Meggitt plans to cut approximately 1,800 roles worldwide.

Meggitt employs up to 1,000 people at its Ansty Park base in Coventry, which opened last year after the company decided to relocate its global headquarters from Bournemouth Airport.

It is not clear how the latest announcement will affect the Coventry operation.

Meggitt, which manufactures parts used in aircraft, said it was cutting approximately 15% of its 12,000 employees worldwide in response to declining demand for civil aerospace.

The move aims to cut costs as the coronavirus crisis hits the civilian aerospace industry hard.

The site is also its European operational center for braking systems, thermal solutions and services and support.

The listed company also has offices in Tyseley and Erdington in Birmingham and in Leicestershire alongside several other British bases.

It has not yet specified where exactly the roles will be lost and how many employees in the West Midlands could be affected.

Meggitt employs 2,500 people in the UK and around 6,500 in the United States, with other global operations in countries like China, Germany, France and Brazil.

In a stock market update today, the company said, “To mitigate the reduction in demand, we have already taken steps to reduce variable costs, including accessing layoff plans when they are available and reducing temporary work.

“Although we recognize the need to maintain flexibility as demand patterns develop over the next few months, we have made the difficult decision to reduce the size of our global workforce by approximately 15%, subject to continuous consultations in the regions where we operate.

“This action will ensure that our internal capacity in all of our civil aerospace activity reflects the reduction in demand and positions us appropriately at the dawn of 2021.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here