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EADS plans up to 6,000 job cuts across Europe EADS confirms 5,800 job cuts across Europe
(about 4 hours later)
Aerospace giant EADS is planning up to 6,000 job cuts as part of a restructuring of its European business. Aerospace and defence giant EADS says it will cut 5,800 jobs as a fall in governments' military spending begins to bite.
Executives were due to meet unions later on Monday to outline details, which will mostly hit the defence and space arms. The company is restructuring its European defence and space businesses.
Factories in Germany, France, UK and Spain will be affected, but EADS hopes that most of the cuts will voluntary. It says the plan will also see "substantial consolidation" of sites in Germany, France, Spain and the UK.
The company, which owns aircraft maker Airbus, has suffered from deep cuts in governments' defence budgets. EADS, which owns the aircraft maker Airbus, said it hopes that most of the cuts will be voluntary.
Tom Enders, chief executive of EADS, said in a statement: "We need to improve our competitiveness in defence and space - and we need to do it now.
"With our traditional markets down, we urgently need to improve access to international customers, to growth markets."
Closures?
Last year, EADS tried to negotiate a tie-up with UK defence company BAE Systems, but the deal stumbled amid strong political opposition.Last year, EADS tried to negotiate a tie-up with UK defence company BAE Systems, but the deal stumbled amid strong political opposition.
EADS warned then that it would have to restructure in the face of defence budget cuts in its main markets.EADS warned then that it would have to restructure in the face of defence budget cuts in its main markets.
A formal announcement of the restructuring could be made later on Monday, or early on Tuesday before European stock markets open.
In Germany there had been reports that up to 9,000 jobs among the defence division's 45,000 European staff could go.
It is understood that the UK operations, which employ more than 17,000 people, will be affected as part of the consolidation of the Astrium, Cassidian and Airbus Military divisions in a new unit, to be called Airbus Defence and Space.It is understood that the UK operations, which employ more than 17,000 people, will be affected as part of the consolidation of the Astrium, Cassidian and Airbus Military divisions in a new unit, to be called Airbus Defence and Space.
EADS' Paris headquarters may also be closed. The company had already announced that it is changing its name to Airbus, the Toulouse-based commercial aircraft arm that contributes the bulk of group revenues.EADS' Paris headquarters may also be closed. The company had already announced that it is changing its name to Airbus, the Toulouse-based commercial aircraft arm that contributes the bulk of group revenues.