Howmet Aerospace is reducing costs and suspending its dividend in response to the halt of customer operations due to the Covid-19 pandemic, which is affecting its own facilities.
The company - created last week by the separation of Arconic Inc into two standalone companies - said that certain original equipment manufacturer customers in North America and Europe had suspended manufacturing operations, forcing Howmet to take a series of actions to address the financial impact.The Pittsburgh, Pennsylvania-headquartered company is targeting around $100 million of run rate savings and noted that while...