SONACA TO CUT EUR 63M ANNUALLY

[BIZ: Gosselies, September 6]
Sonaca, the Walloon producer of aircraft parts, wants to save EUR 63m annually in the context of the restructuring plan, DEFI 2007. Management announced this at a meeting of the Board. The press release attributes this to the low dollar exchange rate, in combination with commercial permits and rising energy costs which will change the group’s results markedly for 2006.

The restructuring plan should reduce running costs drastically. [Dollar denominated countries currently have a considerable advantage because of the low dollar exchange rate. Countries like Taiwan, for example, benefit from this. ED.]
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