Triumph Group announces cost reduction initiatives amid Covid-19

19 March 2020 (Last Updated March 29th, 2020 13:53)

Triumph Group has announced some cost reduction initiatives that will help the company maintain its position amid the outbreak of coronavirus (Covid-19).

Triumph Group announces cost reduction initiatives amid Covid-19
Triumph Group provides COVID-19 update and cost reductions. Credit: Jax 0677.

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Triumph Group has announced cost reduction initiatives that will help the company maintain its position amid the outbreak of coronavirus (Covid-19).

The move will directly affect the company’s overhead, indirect staff and temporary workers.

Triumph has not provided details about the number of possible job cuts and noted that furloughs will be done ‘selectively’.

Additionally, the company has said that the cost reduction action will help it balance the production capacity and expected demand in the market while maintaining long-term competitiveness.

The company has not experienced any material impact on its backlog or revenue due to the virus. Furthermore, it expects no impact in this fiscal year ending on 31 March 2020.

According to the company, the impact of the pandemic on its work is low as Triumph’s products and services are spread across various sectors such as defence, commercial, and international markets.

Triumph’s factories and main suppliers will remain operational, and no positive Covid-19 cases have been detected among any of its employees so far.

With reductions in travel, corporate events and other expenses, annual savings of $75m are expected from fiscal 2021.

Precautionary measures and safe work practices are exercised within the factory units.

The company has implemented work from home policies as per the guidelines of Centers for Disease Control and Prevention (CDC) to minimise exposure to the virus.

Until further development, business operations will continue in all company, said Triumph.