The company is forced to contend with extensive competition
The company experiences significant competition within all aspects of its business activities worldwide. Much of this competition stems from changing technology that involves extensive research and development. Moreover, the air jet engine business, including repair and overhaul services, are highly competitive. Therefore, product efficiency and quality are key components to running a successful business in this industry. Additionally, it is important the companies protect their nontangible assets, including trademarks and patents, as well as the technologies used for the design, manufacture and repair of key aircraft engine parts.
COVID|Competition|ESG|StructuralIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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