EADS To Cut Up To 20 Percent Of Airbus Defense & Space Jobs: Paper

By Reuters
November 20, 2013

European aeronautics group EADS (EAD.PA) is planning to cut up to 20 percent of the roughly 40,000-strong workforce at its newly created Airbus Defense & Space division, German news agency dpa reported on Wednesday, citing “informed sources”.

A company spokesman declined to comment and said there would be more details announced on December 9, when EADS is expected to announce restructuring plans for the division.

The Airbus parent, in which France and Germany each hold 12 percent of the shares, said in July that it could not rule out job cuts as a result of combining its Defense and space units.

EADS had said at the time the move could lead to restructuring charges later in the year.

The Defense and space activities are now undergoing a portfolio review and the group could sell off units that are small and easily segregated from the rest, it said in September.

The restructuring is due to be completed by July 2014.


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