Kymera begins recovery from drop in demand in automotive and industrial end-markets
September 3, 2020
Kymera International, a speciality materials company headquartered in Raleigh, North Carolina, USA, has issued a coronavirus (COVID-19) update via its website.
The company states that its US Kymera businesses are slowly recovering from the drop in demand in automotive and industrial end-markets and that SCM Metal Products’ volumes are improving at a stronger rate compared to ACuPowder, while Reading Alloys’ aerospace market remains soft and is not expected to see an uptick in demand for several months.
The company’s aluminium powder business is said to have been relatively stable, but summer holidays, an increase in COVID-19 cases and an unstable economy has affected Mepura, NFK and BAI. In addition, a recent hurricane in the US states of Texas and Louisiana is expected to have a short-term effect on EGA and EGoA.
The company reports that EGG is still struggling to make budget as its automotive customers continue to be weak. However, Innobraze, which experienced a dramatic drop in demand in prior months, seems to have stabilised its business. SCM Suzhou’s business is stable, as China’s economy was affected before the rest of the world and has since improved.
Barton White, Kymera International CEO, stated, “The governments in our operating countries have helped ease the financial burden on employees and to Kymera by offering assistance in terms of short-time work in Europe, additional unemployment benefits in the US and the job-keeper programme in Australia.”
“We will continue to fight and do our best to avoid layoffs. We will evaluate each plant on an individual basis and when business improves, those affected by salary reductions will see a return to pre-COVID-19 wages, with the understanding that this could revert back to reductions should business conditions change.”
White continued, “In the near future we are going to be sharing with all of you our new Vision Statement, Strategy and Objectives that will help grow our business significantly and address important issues such as the environment and social issues.”
“I am excited about the current business opportunities we have and the plans we have for the future. Rest assured you are part of an incredible team that has a bright future and so let’s continue to work together through this difficult global time and we will emerge even stronger than we were before this pandemic.”