The worldwide airline maintenance, repair and overhaul business was projected to lose money in the fourth quarter of last year followed by a $l-billion downturn this year as the credit crunch and fear of a protracted recession take their toll on balance sheets. "The MRO industry is dealing with significant, conflicting forces that include a massive economic slowdown and airline traffic and capacity reductions," says Chris Doan, president and CEO of TeamSAI, a consulting company that specializes in aerospace market forecasting. Overall, the market forecast this year is down $1.3 billion (2.8%) from previous estimates.
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