UPI- Analysis: European defense contracts - by LEANDER SCHAERLAECKENS
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Analysis: European defense contracts
Analysis: European defense contracts - by LEANDER SCHAERLAECKENS
"The European Aeronautic Defense and Space Co. announced Nov. 8 to have made an operating loss of $1 billion over the third quarter. The company does anticipate breaking even for the year though, according to Defense News. The company plans to make cutbacks on Airbus operations, which it also owns. The losses are largely due to the charges on the A400M military transport plane. The weakness of the dollar has also burdened the company considerably, which is trying to cut some $3 billion in costs in the next two years. In order to do so 10,000 workers have been laid off and seven sites sold. Another EADS subsidiary, Eurocopter, did perform well and increased revenue by 10 percent. On Nov. 5 it announced it had purchased McAlpine Helicopters of Britain for an unknown amount, according to Defense News."
Labels: Defence industry, EU
