MONTREAL/CHICAGO: Aerospace suppliers are drawing up plans to lay off workers as coronavirus quarantines cripple their cash balances: but bailout conditions and fears of losing critical skilled labor are forcing managements to juggle survival and future growth.
"Their workforce is their crown jewel. Aerospace and defense have a critical problem finding the right workers for all the jobs that they have," Fanning said. But that condition assumes a relatively sharp bounceback that airlines say is far from certain - even allowing for a demand boost from the sheer scale of the stimulus.Companies that three weeks ago were looking at cutting headcount to adapt to a 30-50per cent drop in demand"are now going back and revising their plans again to meet the terms of the loans," said Regina Lee of consultancy AlixPartners.
It has already laid off 85 workers in the Montreal area because of confinement rules, but hopes to use its backlog of defense orders to avoid further cuts. Still uncertain is to what extent Boeing will itself apply for government help and how much aid it would funnel to suppliers, who are already reeling from the 737 MAX grounding.
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