Solvay to Close Composite Plants Amid Deepening Aerospace Crisis
- Site shutdowns in U.K. and Tulsa will help cut about 570 jobs
- Supplier to Boeing and Airbus to book 30 million-euro charge
A Solvay SA chemical plant in Antwerp, Belgium.
Photographer: Jock Fistick/Bloomberg
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Solvay SA said it will close two plants making composites for Airbus SE and Boeing Co. in a sign the deepening aerospace crisis is hitting suppliers of even the latest aircraft materials.
The Belgian chemical maker is adding to savings achieved in the past year following the grounding of Boeing’s 737 Max. The latest measures from Solvay Chief Executive Officer Ilham Kadri will lead to about 570 job cuts, or 20% of the workforce in Solvay’s composites unit, the Brussels-based company said Friday.