Meggitt to help make ventilators but won’t give earnings guidance this year
Meggitt has heeded the government’s call to help make ventilator by leading a consortium of firms in the sector in this effort.
But the defence and engineering firm announced it could not give earnings guidance for the rest of the year, due to coronavirus uncertainty.
Meggitt is one of Britain’s biggest companies with expertise in aerospace and cars that has formed three teams to produce basic ventilators to help the National Health Service cope with the coronavirus outbreak.
Meggitt, which employs 12,000 people and builds components including oxygen systems for civil aerospace and military fighter programmes, is leading one consortium alongside engineers GKN, Thales and Renishaw.
The other two teams are being led by carmakers McLaren, which is looking at how to design a simple version of a ventilator, and Nissan, which is working with others to support existing ventilator producers.
European aerospace group Airbus is working across the process to see if its 3D printing or production facilities can be of use.
“The aim is for there to be a prototype in two weeks and for manufacturing to start in four weeks,” one person familiar with the situation said.
Meggitt’s shares fell as much as 12.46 per cent on the news of its delayed guidance, but pared losses to close 6.4per cent down at 223p.