European defence company cuts 1,500 jobs

The
European Aeronautic Defence and Space company, which has a 80 per cent stake in
Airbus, is to cut 1,500 jobs through restructuring.

Four
new divisions are being created, covering missiles, defence electronics,
services and telecommunications to help reduce dependence on the commercial jet
market.

Most
of the jobs will go in the French-based space unit and others from
Germany.  Another 700 jobs will go from
the payroll through an outsourcing programme.

The
restructuring was announced as EADS reported a loss of £574m in its first full
year results since the establishment of the group by France’s Aerospatiale,
Daimler Chrysler of Germany and Casa of Spain. 

www.eads-nv.com

By
Karen Higginbottom

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