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On 21st October, Thomas Rueckert, Shannon Aerospace’s new CEO, briefed staff on a restructuring and cost cutting programme which included the loss of 107 jobs. Employees were told that the current cost base was too high and unsustainable. Although it caters for over 50 airlines both the domestic and international aerospace markets have changed significantly, making it vital that it restructures so as to ensure its survival. The bulk of the job cuts amongst the 628 staff are in administration and support (64), with 20 in management, 20 in production and three in senior management. The company stated that it had incurred losses of around €900,000 since August and the volume of work has declined considerably. According to a staff member “There a still a lot of aircraft coming through but the level of work isn’t as high. A few years ago we were charging €60 a man-hour, that now stands at €45”. Shannon Aerospace specialises in the overhaul of short and medium-range aircraft and following implementation of the restructuring it hopes to return to profitability in March or April 2011.