NEW YORK: Berkshire Hathaway Inc on Saturday announced a $9.8 billion writedown and 10,000 job losses at its Precision Castparts aircraft and industrial parts business, as the Covid-19 coronavirus pandemic caused widespread pain for Warren Buffett's conglomerate.
Berkshire, which acquired Precision for $32.1 billion in 2016 in its largest acquisition, said COVID-19 caused airlines to slash aircraft orders, resulting in significantly less demand for Precision's products and revenue to fall by about one-third.
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