Bodycote shares slid on Thursday after the heat treatment and thermal processing company announced another restructuring and sounded a downbeat note on the outlook for the civil aerospace market.
The company, which already cut the workforce in its automotive and general industrial segment (AGI) earlier this year by around 1,000, said there will be a further restructuring similar to that in its aerospace, defence and energy business (ADE).
“Our expectation is that the civil aerospace market will remain near the current low levels for at least the next 18 months,” the company said. “This provides us with the opportunity to consolidate our ADE footprint into fewer, larger facilities. The exercise to do this requires significant study, sin…
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