Live Update 
From the Liveblog of
Wednesday, July 1, 2020
From the Liveblog of
Wednesday, July 1, 2020
Israel Aerospace Industries to lay off 900 amid coronavirus losses
Add ToI as a Preferred Source on GoogleIsrael Aerospace Industries announces that it will lay off 900 employees from its Aviation Group amid losses to the sector due to the shutdown of international travel to slow the spread of the coronavirus.
The Aviation Group, which has some 5,000 employees out of a total of 16,000 at the company, is responsible for maintenance on aircraft and the manufacture of executive jets and aircraft parts.
According to Globes, over the past decade the Aviation Group has accumulated $600 million in losses and ended 2019 with zero profits. The group suffered further losses due to the coronavirus pandemic.
At the same time as the 900 redundancies, IAI announces that CEO Nimrod Sheffer is stepping down after just two years on the job.
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