UPDATE 1-Meggitt cuts 1,800 jobs to save cash as coronavirus hits demand [Reuters]
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Source: Reuters
UPDATE 1-Meggitt cuts 1,800 jobs to save cash as coronavirus hits demand (Adds detail, background) LONDON, April 23 (Reuters) - British engineering company Meggitt said it planned to shed about 1,800 jobs as part of a cost cutting plan to cope with a contraction in the world’s air travel market due to the coronavirus pandemic. Meggitt, which makes parts used in planes, said on Thursday that it was too early to provide guidance for this year given the coronavirus crisis, and its focus was on cutting costs. It said it would reduce its cash expenditure by 400 million to 450 million pounds ($494 million - $556 million) in 2020 through the job cuts, plus 20% salary reductions for executives and from lowering capital expenditure and inventory. The company said that it would cut jobs equivalent to 15% of its global workforce of 12,000 people, but a spokesman said there was no clarity on where those jobs would be lost. Meggitt has facilities in the UK, the U.S., China and elsewhere. “This act
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