Global seat manufacturer RECARO reports 60% profit fall for fiscal year
Germany-headquartered RECARO Aircraft Seating has reported a 60% drop in earnings for its fiscal year compared with the same months in 2019. Read More »
The company’s CEO and a shareholder, Dr. Mark Hillier, said the company had to reduce staff numbers by 30% at some of its facilities but had successfully negotiated a wage deal at its Schwaebisch Hall complex in Germany that will secure employment to mid-2023. Costs, under its global efficiency program Touch & Go, were lowered by 18% and management took salary cuts and reduced working hours, to navigate the impact of the pandemic, the company said.