27th Mar 2020 18:43
(Alliance News) - Chamberlin PLC on Friday said it expects factory revenue for April and May to be reduced on closures arising from the Covid-19 outbreak.
The castings & engineering group said foundry subsidiary Chamberlin & Hill, will be closing the Walsall foundry and Machine Shop for a minimum of three weeks in April. It added that the closures, in addition to uncertainty relating to future demand, will hurt revenue for April and May.
However, it said that its operations at the Scunthorpe foundry and at its engineering business Petrel will continue, adding that they are trading in line with forecasts. The company also said it intends to retain all employees.
"These are momentous times unseen in our lifetime. We cannot predict with any certainty how long this pandemic will last nor the full impact upon our society and economy. Nevertheless, we shall take whatever measures are available to us to ensure as best we are able the protection of the health and wellbeing of our employees and their families," said Chair Keith Butler-Wheelhouse.
The stock closed untraded on Friday in London, last quoted at 20.00 pence each.
By Ife Taiwo; [email protected]
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