Howmet Aerospace cuts costs, suspends dividend amid Covid-19

Howmet Aerospace is reducing costs and suspending its dividend in response to the halt of customer operations due to the Covid-19 pandemic, which is affecting its own facilities.

The company - created last week by the separation of Arconic Inc into two standalone companies - said that certain original equipment manufacturer customers in North America and Europe had suspended manufacturing operations, forcing Howmet to take a series of actions to address the financial impact.

The Pittsburgh, Pennsylvania-headquartered company is targeting around $100 million of run rate savings and noted that while...

Published

Andrea Hotter

April 06, 2020

12:17 GMT

New York