British aerospace firm Senior have announced their intent to exit the Dutch aviation industry by closing its Bosman unit in the Netherlands in 2021 and moving it to their aerospace facilities in France, according to the company's Q3 2020 report.
Plane and ship
This comes as the company hope to make up for a collapse in sales from setbacks owing to the coronavirus pandemic.
The report noted a 45% drop in third-quarter sales from its aerospace unit and predict that it was unlikely to recover before 2022.
The briefing noted: "Our restructuring programme is delivering the expected benefits and we continue to adapt our plans to further reduce costs in light of the ongoing challenging market conditions.
"As part of that, we have merged our Aerospace Structures Division and Aerospace Fluid Systems Division to form one Aerospace Division. The new Aerospace Division is led by Launie Fleming who previously ran our Aerospace Fluid Systems Division."
With both the UK and EU considering further lockdown restrictions, the travel and aviation sectors are unlikely to increase in traction going into Q4 2020 and Q1 2021, as jet production is ground to a halt.
It expects earnings to be broadly in line with company analysts predictions of losses totalling £11.2 million.
In a statement, CEO David Squires said: “In 2021, Aerospace is set to be at least as challenging as 2020 given the current production rates which our customers are advising."
Both Boeing and Airbus are among Seniors biggest customers. They are currently seeking the resolution to a 16-year feud that has seen tariffs placed on both the EU and US and have caused harm to each nation's aerospace sectors.
The upcoming US election has made the situation even more unpredictable.
It is unknown as to the full effects another lockdown will have on the EU's aerospace sector, with many companies already having pressured the EU back in September to ease travel restrictions to stop the entire sector going under.
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