Hanwha is broadening its portfolio, with a bid to take a controlling stake in shipbuilder DSME likely to proceed.
Embraer announces job losses
Embraer says that "as a consequence of the unprecedented crisis affecting the global economy, which also affects the air transportation industry, it has become inevitable to implement a revision to its cost structure and workforce, adjusting them to the new reality of demand for commercial and executive aircraft".
Although Embraer has its headquarters in Brazil, the company depends primarily on export markets and on global economic performance – over 90% of its revenues are generated abroad. Therefore, the resiliency that the Brazilian domestic market has been demonstrating through the crisis does not significantly alter this adverse scenario.
The reduction in personnel represents approximately 20% of its 21,362 employees and is concentrated in the production and administrative areas, including the elimination of one layer in the management structure. The significant majority of the engineering workforce will be kept engaged in programmes for development of new products and technologies, which will
be kept unchanged.
In light of this new scenario, Embraer has revised its revenue guidance for 2009 to $5.5 billion, corresponding to 242 commercial and executive aircraft deliveries. As a result of this reduction in revenues, the company has also revised its investment guidance to $350 million for the year.
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