Mecachrome Cuts Jobs; Stock Down

Shares in Mecachrome International Inc. (MHRMF.PK) were down more than 33% Wednesday after Tuesday's announcement that the Montreal-based maker of aircraft and automotive parts is cutting jobs and reviewing cost cutting options to weather an ongoing business slowdown.

The company's president and CEO, Guillaume Casella, also resigned.

The company said in a statement that while long term fundamentals in the aerospace industry remain positive, continued delays to key aerospace programs and the Formula 1 engine development freeze are currently negatively impacting Mecachrome's results.