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PRIVACY
Manufacturing

Airbus boss warns company is 'bleeding cash'

Around 500 staff have already been laid off or furloughed at Broughton and Filton

Airbus A330-800neo has been cleared for take off(Image: Airbus)

The boss of Airbus has warned the company is "bleeding cash" due to the coronavirus pandemic.

This month Business Live reported that the aerospace giant was cutting the monthly production rate of the A320 from 60 to 40 while also reducing A350 rates to 6.

Airbus later announced - with the º£½ÇÊÓÆµ Government paying 80% of their wages under the Job Retention Scheme.

The workers were largely employed by contractor Guidant at the two plants.

(Image: Daily Post Wales)

Now though there are concerns of deeper cuts.

In France the company has already placed 3,000 workers on its Government's furlough scheme but chief executive Guillaume Faury said "we may now need to plan for more far-reaching measures".

“We’re bleeding cash at an unprecedented speed, which may threaten the very existence of our company,” he said in the memo to workers.

"We must now act urgently to reduce our cash-out, restore our financial balance and, ultimately, to regain control of our destiny.”