Candian firm Magellan Aerospace, which provides complex assemblies and systems solutions to aircraft and engine manufacturers including Airbus, is to lat off staff at its site in North Wales.
According to the Unite Union, the company is looking to shrink its workforce by 240 which is around half of the staff at its site near Hawarden in Flintshire.
Unite Wales regional secretary, Peter Hughes, said: “The potential economic consequences for the economy of northeast Wales are huge.
“Whilst Unite recognises that there is intense pressure on the aerospace sector at present, it is crucial that Magellan is in a position to pick up production levels quickly once the pandemic and its effect on the sector eases. If Magellan loses almost half of its highly skilled workforce, then bouncing back in a post Brexit economy becomes extremely difficult.
“Now is not the time for rash decisions. Magellan needs to hold its nerve and work with us to preserve jobs and find a way through the current slowdown in the sector.
Mr Hughes also singled out Magellan owner Murray Edwards and criticised the companies business model adding: “Mr Edwards should be digging into his very deep pockets and ensure that Aerospace manufacturing not only survives in North East Wales but indeed thrives into the future. There must be an urgent overhaul of the company’s business strategy so that in future they are shielded from the ‘all eggs in one basket’ business model that they currently have.”