PARIS — Rocket-hardware builder Avio SpA reported sharply lower revenue and profit for the nine months ending Sept. 30 as it suffered the continuing effects of an overhaul of its Vega rocket production following failures in 2019 and 2020.
An independent board of inquiry advised Avio to revamp many of its Vega production and quality-assurance procedures.
The cost of that work, coupled with the Covid pandemic-caused slowdown in Europe’s launch activity, were blamed for the 8% decline in revenue and the negative EBIT . . .
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