19th Jun 2020 14:00
(Alliance News) - Chamberlin PLC on Friday said it is taking steps to cut costs due to the expected fall in demand, particularly in the automotive sector, as the company reopened its foundry in Walsall, England, after a three-week closure.
The Walsall machine shop, which also closed in April, also has reopened for production, the casting and engineering company noted.
"While production levels at the Walsall factory are broadly in line with activity seen immediately prior to the impact from Covid-19, output levels at the machine shop are running at approximately 30% of that achieved before the Covid-19 measures," Chamberlin said.
The company's other operations - Russell Ductile foundry in Scunthorpe, England, and Petrel lighting business - have remained open throughout the virus pandemic.
Russell Ductile is operating at full production levels in response to customer demand, but Petrel is operating at 60% of normal sales volume due to suspension of several government and defence contracts, Chamberlin noted.
The Walsall-based company said that, due to the ongoing uncertainty, it is too early to provide any "reasonable" financial impact of the Covid-19 pandemic.
Shares in the company were untraded at 18.50 pence each in London on Friday afternoon.
By Tapan Panchal; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
CMH.L