Safran: withdraws targets for 2020 and cancels dividend
(CercleFinance.com) - Aerospace engine and component maker, Safran has announced a series of measures to adapt to the current crisis.
These include withdrawing its targets for 2020, cancelling its proposed dividend payment for 2019 (one billion euros in all) and a new credit line of three billion euros.
While Chinese factories are already fully operational and European sites are gradually starting up again, Safran has stepped up actions in response to Boeing's halt to its assembly line chain of the Boeing 737MAX.
The group is implementing significant measures, such as a pause in capex, along with a definition of new R&D targets and cost reductions. Safran will also use public initiatives, such as part-time work.
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