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Article: United States: Meggitt FY Earnings Rise 36%; Announces Job Cuts.(Financial report)
- Article from:
- TendersInfo
- Article date:
- March 5, 2009
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Byline: kusumv03
Meggitt PLC Tuesday posted a 36% rise in full-year pretax profit as the aerospace, defense and energy company saw good growth in key markets and said it was taking action to position itself for the uncertainty in 2009, including cutting hundreds of jobs.
The company will reduce headcount at its civil aerospace unit from mid-2008 levels by 15%, or about 600 jobs. Of that amount, 200 already have been shed. The company employs about 8,000 people in total.
Air traffic is projected to fall 3% to 5% in 2009 and to stay flat or increase slightly in 2010, which will result in reduced use of existing ...