Like many other companies, this manufacturing facility took an immediate hit when the global crisis hit. A highly-technical company, they manufacture turbine components for customers across the world. Their operations are cost and labor-intensive. And with many fixed costs, they needed to preserve liquidity and cash flow in a hurry. They reached out to us to see if we could offer some relief. Their primary manufacturing location is in Mexico, and a federal mandate required full-closure for two weeks, followed by mandatory staffing of 30% for the immediate future.
This company has contracts in the aerospace industry, and its earnings outlook for 2020 is down by approximately $23 million. However, the full impact is unknown.
*These case studies are provided for informational purposes. The names of the customers and the specific details of their business and situation have been withheld. Qualification for Onset’s COVID-19 Relief Program is subject to review and approval by Onset and its underwriters.
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