Triumph Group is planning to lay off about 250 full-time salaried employees and eliminate 250 contractor positions in response to the aviation industry slump caused by the coronavirus disease (Covid-19), according to the US-based firm.
Triumph expects to complete those job cuts by 1 May, the company said on 24 March. It also intends to furlough some of its salaried employees for two weeks to prevent further layoffs.
Additional furloughs may be required based on site closures or reductions in customer demand for Triumph's products and services," the company said.
Other steps include suspending merit pay increases, temporarily cutting pay for senior executives and board members, and shelving dividends.
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