Aerospace component manufacturer TransDigm Group (NYSE: TDG) on Thursday said it intends to cut its workforce by 15%, saying it is "beginning to see significant decreases in demand" and expects that trend to continue in the months to come. TransDigm is a maker of a wide range of parts and components used in commercial platforms made by Boeing and Airbus, as well as in military applications. Commercial aerospace suppliers are expected to be particularly hard hit by the COVID-19 coronavirus pandemic, with airlines scrambling to cut costs by grounding aircraft and cutting back on capital expenditures. Image source: Getty Images. Boeing has suspended its dividend due to the crisis, and on Thursday offered early retirement and buyout packages to employees as it tries to ready for what it sees as the "new reality" post-pandemic. TransDigm said it is providing "a substantial lump sum" payment to all cut employees, based on their tenure, and all workers will also receive an additional $4,000 to defray expenses associated with healthcare costs and other needs. Senior management and board members are cutting cash compensation for the year, and TransDigm said it anticipates implementing one- to two-week furloughs at many locations over the next six months in response to unit-specific demand. The company said it is following government guidance to mitigate spread of the virus, but said it is difficult to predict the duration or magnitude of disruptions. But management remains confident the business will return to normal eventually. "TransDigm remains confident in its business model over the long term and hopes to return to normal employment levels as soon as practical," the company said. 10 stocks we like better than TransDigm GroupWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and TransDigm Group wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of March 18, 2020 Lou Whiteman owns shares of TransDigm Group. The Motley Fool owns shares of and recommends TransDigm Group. The Motley Fool has a disclosure policy.Source