PARIS - European air and defense company EADS, parent company of Airbus, said Monday it is cutting 5,800 jobs over the next two years as part of a major overhaul to reduce costs and refocus on civil aviation. The many space and defense divisions will be combined into one arm, to be called Airbus DS. EADS, which is changing its overall name to Airbus, is also getting rid of its corporate headquarters, just outside Paris, and moving staff to another site, also outside Paris. The company had once sought to become less dependent on its civil aircraft business with a goal of increasing its defense business, maker of the A400M European freighter, to around half of total revenue. The loss of manufacturing jobs is one reason its unemployment rate is so high, currently at 10.9%. "The aeronautical, space and defense sector is a major asset for national industry, and we will not accept that it is weakened for reasons of short-term profitability," unions that represent EADS workers wrote in a letter to the prime minister last month.
Source: USA TODAY
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