Disastrous year: Travellers walk through Terminal C at Newark International Airport (EWR) in Newark, New Jersey, US. The International Air Transport Association said last week that airlines would lose US$84bil in 2020, with revenue down by half to US$419bil, the worst year in the sector’s history. — Bloomberg
BENGALURU: Maintenance firms and spare parts producers who keep airplanes running are bracing for a decline of up to 75% in sales this year - and more pain to follow - as airlines park or retire thousands of aircraft due to the coronavirus pandemic.
Worth about US$80bil in sales last year, the industry ranges from engine makers like General Electric Co and Rolls-Royce Holdings Plc to systems companies like Honeywell International Inc and Raytheon Technologies Corp and a host of smaller suppliers.
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