Meggitt reduces workforce by 15% as part of cash saving plan

LONDON (Reuters) - British engineering company Meggitt said it would shed 15% of its staff worldwide as part of a plan to cut cash expenditure by up to 450 million pounds ($557 million) in 2020, as global air traffic comes to an almost standstill.

Meggitt, which makes aerospace parts, said on Thursday that it was too early to provide guidance for this year given the coronavirus crisis, but noted that demand for its components from defence customers had grown strongly, offsetting some of the decline from civil aviation customers.

($1 = 0.8083 pounds)

(Reporting by Sarah Young; editing by James Davey)