Latécoère: explanations after share suspended
(CercleFinance.com) - After requesting Euronext Paris to suspend the listing of its share, the aeronautical equipment manufacturer Latécoère published a press release in which it explained its situation and presented its plan to transform and organise the company in France.
This project should ensure Latécoère's future in a major crisis, the group says, which wants to adapt its production facilities in order to ensure the maintenance of its industrial footprint in France over the long term.
More specifically, the project would lead to the elimination of 475 jobs out of the group's total workforce of 1,504 in France as of 31 July 2020, in order to adapt its workforce to the volume of business and the expected slow recovery in air traffic.
The Group states that even before the Covid-19 crisis, it was facing major financial challenges in a highly competitive environment with a 40% decline in the Group's business.
The information-consultation process with Latécoère's employee representative bodies is expected to continue until the beginning of 2021.
Copyright (c) 2020 CercleFinance.com. All rights reserved.