Melrose Industries, which owns GKN, says that it has experienced a ‘significant deterioration’ in its end markets from mid-March 2020 as a result of COVID-19.
‘Given the current uncertainty around future demand as governments carry out unprecedented actions in many countries, the group is unable to provide a meaningful outlook at the current time, but is closely monitoring and adapting to all developments,’ the company said. In many of its businesses, including Melrose, senior salaried staff are reportedly taking a temporary 20% pay cut to help support the business.
According to Melrose, its automotive and powder metallurgy factories are largely closed outside of Japan and China, while aerospace factories are largely open, but running with reduced requirements.
This story uses material from GKN, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.
