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LONDON, April 24 (Reuters) - British engineer Senior said it was focused on its cash position as coronavirus impacts its business, and it has put 17% of its workforce on furlough, reduced executive pay and agreed covenant relaxations with its banks.
The company said on Friday that having explored different scenarios it believed it had sufficient liquidity under its existing facilities and did not plan to tap other funding sources at this time.
For 2020, the group said that its guidance remained suspended because the pace and duration of the recovery were not clear, but it added that strong demand from its defence and industrial customers would partially offset declines in civil aerospace, land vehicle and oil and gas markets.
Senior, which supplies parts such as airframes and engine build-up tubes to planemakers, said that while it had considered selling its aerostructures unit, it had now decided that it was in its best interests to keep it.
The UK-headquartered company also said it had been manufacturing face visors for protective use for those treating coronavirus patients since March and added that it increased its manufacturing capacity to 10,000 per day due to high demand. (Reporting by Sarah Young, Editing by Paul Sandle)