TransDigm Cuts 15% of Workforce as Coronavirus Ripples Through Aerospace Sector

Aerospace component manufacturer TransDigm Group (NYSE: TDG) on Thursday said it intends to cut its workforce by 15%, saying it is "beginning to see significant decreases in demand" and expects that trend to continue in the months to come.

TransDigm is a maker of a wide range of parts and components used in commercial platforms made by Boeing and Airbus, as well as in military applications. Commercial aerospace suppliers are expected to be particularly hard hit by the COVID-19 coronavirus pandemic, with airlines scrambling to cut costs by grounding aircraft and cutting back on capital expenditures.

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Source Fool.com