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EADS to Cut Up to 6,000 Jobs

It will also sell its headquarters in Paris


Defense_Stocks_Jets_Airforce_185.jpgAn French newspaper says that Boeing’s (BA) European rival will shed a significant amount of jobs as part of a reorganization plan.

According to Le Figaro, EADS, the parent of Airbus, will eliminate as few as 5,000 and as many as 6,000 positions, up to about 5% of its total workforce. The company expects to trim its payroll through attrition and voluntary retirements, Reuters notes.

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EADS opes to save up to 500 million euros from 2014 to 2016 through the restructuring. Other European news sources have said that EADS would cut 8,000 employees in a bid to save up to 690 million euros.

The company will put its Paris headquarters — estimated to be worth about 100 million euros — up for sale and will relocate the seat of its defense business from Unterschleissheim, in northern Germany, to Ottobrunn, in southern Germany.

Last year a deal to combined EADS and British aerospace giant BAE Systems was scuttled after encountering opposition from European regulators.

In October, Airbus won a $9.5 billion order for 31 of its A350 jets from Japan Airlines, the company’s largest-ever order from a Japanese airline.

Article printed from InvestorPlace Media,

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