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Belgian Sonaca to axe up to 500 jobs - report.

(ADPnews) - Aug 24, 2009 - Belgian aircraft equipment maker Sonaca plans to slash up to 500 jobs, local trade unions told La Nouvelle Gazette today.

According to the unions, the planned personnel reduction will apply chiefly to the servicing staff.

Sonaca has some 1,500 employees.

The company closed 2008 with a record-high loss of EUR 136 million (USD 194.8m). The huge loss was attributed to currency rate losses, the volatility of raw material prices and production requirements that were not met.

According to Sonaca's spokesman Pierre Fernemont, it is too early to talk about job cuts. The company will explore all options prior to undertaking a potential personnel reduction, Fernemont was cited as saying.

Chief executive Bernard Delvaux said at the beginning of the year a private investor would be welcome to invest in the company's capital.

Sonaca is currently 88.6% owned by the Walloon Region and 10.3% by the federal government via its investment arm FPIM.

(EUR 1.0 = USD 1.433)

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Publication:ADP News Belgium
Date:Aug 24, 2009
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