Heico leaders said late April 15 they have laid off “some” employees across their aerospace and defense supplier portfolio and have cut work hours and pay at subsidiaries, but they are trying to avoid mass-layoffs as the COVID-19 pandemic rolls back the worldwide aerospace business.
Howmet Aerospace has eight mostly smaller manufacturing plants that are closed because of the coronavirus, the company’s chief executive said late April 14, and more were shuttered in March when the Pittsburgh-based supplier was still part of Arconic.
Spirit AeroSystems—the primary supplier to Boeing including for much of the 737 MAX and which does substantial defense industry work—warned Wall Street on April 14 it will record a roughly $160 million loss for the recently ended first quarter of 2020, as well as a pretax loss of around $102 million.
Israel-based defense contractor Elbit Systems, which has a major U.S. subsidiary, acknowledged issues in its operations on April 13 and said it started carrying out unspecified “cost-control measures to help limit the financial impact on the company.”
A Lockheed Martin employee working at the Fort Worth facility where the F-35 is assembled died several days after informing the company he felt ill with COVID-19-like symptoms, Lockheed said on April 13.
Aerospace supplier Woodward is cutting the equivalent of 15% of its full-time workforce through the year as the COVID-19 pandemic’s effects ripple through the aerospace supply chain, the company quietly disclosed April 10.
Supplier Triumph Group late April 10 announced furloughs for around 2,300 employees across its plants in the U.S. and Europe for two-four weeks to cut work along with the current suspension of all Boeing Commercial Aircraft programs, and the company is laying off up to 700 more workers.
Arlington Capital Partners, a private equity group focusing on aerospace and defense, is bolting on more assets to its AEgis Technologies brand for U.S. national security customers.
Teledyne Technologies, a key supplier of aerospace instruments, digital imaging products and defense electronics, has warned Wall Street of a dramatic falloff in commercial aerospace business and that its full 2020 outlook will be ramped down due to the novel coronavirus.