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Airbus and Latecoere discontinue negotiations on sites divestment

This news was published on Wednesday, May 7th, 2008 and is archived under Business & GA.

Amsterdam, 7 May 2008 - Airbus and Latecoere have terminated negotiations regarding the sale of the Airbus sites in Meaulte and Saint Nazaire Ville since a viable solution could not be finalised within the required time frame, in particular due to the current difficult financial environment. However, Airbus intends to keep Latecoere as a first tier partner for the development of the A350.  This does not change the site divestment strategy and Airbus will proceed with the carve-out of these sites into a separate unit, as is being implemented for the sites of Augsburg, Nordenham and Varel. This will prepare the sites for a partnership and sale at a later stage. The negotiations concerning the divestment in Filton and in Laupheim are continuing with the view to conclude in the next few weeks.

Airbus gives priority to the A350 development and its timely entry into service and will front the capital expenditure required.

Airbus is committed to making strong efforts to secure the Power8 savings and will ensure the competitiveness and efficiency of the sites for which A350 work packages are foreseen.

Given the progress and prospects registered on the Power 8 programme so far, EADS and Airbus maintain the EBIT and cash Power 8 savings targets previously communicated.

EADS is a global leader in aerospace, defence and related services. In 2007, EADS generated revenues of € 39.1 billion and employed a workforce of about 116,000. The Group includes the aircraft manufacturer Airbus, the world’s largest helicopter supplier Eurocopter and EADS Astrium, the European leader in space programmes from Ariane to Galileo. Its Defence & Security Division is a provider of comprehensive systems solutions and makes EADS the major partner in the Eurofighter consortium as well as a stakeholder in the missile systems provider MBDA. EADS also develops the A400M through its Military Transport Aircraft Division.

 

Source: Airbus
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