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Aerospace suppliers assess the impact of almost 18 months of crisis flightglobal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from flightglobal.com Daily Mail and Mail on Sunday newspapers.
MPs have called on the Government to stamp out Chinese and Russian involvement in the defence industry. A defence committee study into foreign connections in the supply chain argued that the Ministry of Defence had permitted takeovers and equipment deals which put national security at risk. MPs want to stop the MoD purchasing second-hand Chinese equipment after it emerged that Britain had bought two 737 airliners from China to convert into spy planes. Intervention: MPs want to stop the MoD purchasing second-hand Chinese equipment after it emerged that Britain had bought two 737 airliners from China They demanded the Government lists the countries it considers friendly investors and bar nations which fall outside this definition. ....
By Dominic Perry2021-01-11T12:20:00+00:00 Airbus and Boeing parts manufacturer Gardner Aerospace has laid out the devastating impact of the industry downturn on its business, highlighting a 45% drop in revenue across the first nine months of 2020 and a full-year operating loss for the Derby, UK-headquartered firm. In addition, a cash-crunch triggered by the fall in revenues forced the company to seek more than $60 million in additional funding: $20 million from the UK government; $14.6 million from France; and $30 million from Chinese owner Ligeance Aerospace Technology. Source: Gardner Aerospace And while extensive cost-cutting and restructuring measures enabled Gardner to become profitable at an EBITDA level in the final quarter of the year, it is pessimistic about a rapid recovery for the sector. ....