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EADS to cut more than 5,000 jobs and sell Paris headquarters EADS to cut more than 5,000 jobs and sell Paris headquarters
(about 1 hour later)
European aerospace group EADS is planning to cut thousands of jobs and sell its Paris headquarters as part of a large scale restructuring programme. European aerospace group EADS is planning to cut thousands of jobs and sell its Paris headquarters as part of a large-scale restructuring programme.
The Airbus owner is expected to announce later on Monday that between 5,000 and 6,000 jobs will go to cut costs according to reports in the French newspaper Le Figaro. The Airbus owner is expected to announce later on Monday that between 5,000 and 6,000 jobs will go to cut costs, according to reports in the French newspaper Le Figaro.
The cuts, which would represent around 4% of EADS's 143,000-strong workforce, would be met by voluntary redundancies and transfers, and by not replacing retiring workers or those at the end of temporary contracts, the newspaper said.The cuts, which would represent around 4% of EADS's 143,000-strong workforce, would be met by voluntary redundancies and transfers, and by not replacing retiring workers or those at the end of temporary contracts, the newspaper said.
It is understood that an announcement will be made after markets close on Monday.It is understood that an announcement will be made after markets close on Monday.
It follows the decision announced in July to rename the company Airbus Group from January 2014 and to split the group into three divisions.It follows the decision announced in July to rename the company Airbus Group from January 2014 and to split the group into three divisions.
Airbus Military, space division Astrium, and cyber security business Cassidian will be merged into one defence and space division and headquartered in Munich as part of the plans. Airbus Military, space division Astrium, and cyber-security business Cassidian will be merged into one defence and space division and headquartered in Munich as part of the plans.
The group's two other divisions will be Airbus, the commercial aircraft business, and Airbus Helicopters, comprising all commercial and military helicopter work. EADS said the restructuring process should be completed in the second half of 2014.The group's two other divisions will be Airbus, the commercial aircraft business, and Airbus Helicopters, comprising all commercial and military helicopter work. EADS said the restructuring process should be completed in the second half of 2014.
"Pooling the space and defence entities Airbus Military, Astrium and Cassidian is the group's response to the changing market environment with flat or even shrinking defence and space budgets in the western hemisphere," it said in July."Pooling the space and defence entities Airbus Military, Astrium and Cassidian is the group's response to the changing market environment with flat or even shrinking defence and space budgets in the western hemisphere," it said in July.
"This structural change will provide optimised market access, cost and market synergies and improved competitiveness overall.""This structural change will provide optimised market access, cost and market synergies and improved competitiveness overall."
The company's main bases are France, Germany, Spain and the UK, although it is thought Britain will not be a major focus for job cuts.The company's main bases are France, Germany, Spain and the UK, although it is thought Britain will not be a major focus for job cuts.
EADS employs around 17,500 people in the UK across 32 locations, with a turnover of almost £3bn.EADS employs around 17,500 people in the UK across 32 locations, with a turnover of almost £3bn.
Last year EADS's chief executive, Tom Enders, was forced to abandon a planned €35bn (£29bn) merger with British defence giant BAE Systems after German chancellor Angela Merkel personally blocked the deal.Last year EADS's chief executive, Tom Enders, was forced to abandon a planned €35bn (£29bn) merger with British defence giant BAE Systems after German chancellor Angela Merkel personally blocked the deal.
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