Toulouse, France, March 10, 2020 – Latecoere, a tier 1 partner to major international aircraft manufacturers, announces the publication of its H2 and FY results for the year ending December 31st, 2019:
In short:
Yannick Assouad, Group Chief Executive Officer: “The solid organic growth of 7% that we are announcing for 2019 reflects the very good performance of our two divisions. I would like to highlight the success of the Aerostructures division, in a challenging competitive environment. Our Interconnection Systems business had to cope with start-up costs related to new programs. The division’s operating performance should be back on track by the end of 2020. 2019 also marked a decisive transition for Latecoere, as we successfully advanced the transformation of our industrial footprint in India, Bulgaria, Morocco and France, while signing the key acquisition of the EWIS division of Bombardier in Mexico, at the end of the year. We are now ready to launch Beyond, our new project designed to further improve Latecoere’s competitiveness and to reduce our fixed costs by 20 million euros in the next two years. We are committed to establishing Latecoere as a tier-one aerostructure supplier supporting aircraft manufacturers in the deployment of their future platforms, an ambition that we will achieve with the support of our new controlling shareholder.“
Pierre Gadonneix, Chairman of the Board of Directors: “This year was very important for the Group, as we almost completed the Transformation 2020 plan and are now backed by a strong shareholder who will support the future development of our Company. We are entering 2020 with confidence and a renewed Board of Directors to fully leverage the potential of a transformed Group and sustain profitable growth over the long-term.”
