Anxiously waiting on government orders for the past one and a half years and facing the grim realities of the world and local economies, British Aerospace (BAE) Systems has decided that it would have to shed 200 lucrative jobs in the north of England in order to slash costs and stay competitive. Both the aviation and war shipbuilding industries are facing the impact of the colossal financial crisis, seeing orders dwindle from the Ministry of Defence, MOD.The peak of the Iraq war was ironically a good time for business at BAE Systems when orders were ripe. Now that Britain’s involvement in Iraq and elsewhere has declined, orders are reasonably down. Many factors have contributed to the slowing down of orders at BAE Systems, for example, the decrease in world travel and the effects of the financial crisis on the travel and tourism industry has affected BAE Systems as orders from airline companies have decreased.
Airplane sales are on the decrease and hence BAE’s orders, in turn, are on a steady decline.
However, the news is not all bad, for just recently, BAE Systems was awarded a new $1.6 Billion U.S. Army contract for a 10,000 additional family of Medium Tactical Vehicles order. America’s long term presence in Iraq and Afghanistan has helped BAE Systems during tough times.
However, the news is not all bad, for just recently, BAE Systems was awarded a new $1.6 Billion U.S. Army contract for a 10,000 additional family of Medium Tactical Vehicles order. America’s long term presence in Iraq and Afghanistan has helped BAE Systems during tough times.
Also this news just recently in, BAE Systems has received an order for three aircraft from Air Congo. These orders will also help BAE Systems through the current unpredictable and turbulent economic times.
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