EADS to axe up to 6,000 jobs

|By:, SA News Editor

EADS (EADSF) reportedly plans to reduce headcount by 5,000-6,000, or 5% of the total, and sell its Parisian headquarters as part of a restructuring that also includes renaming the company Airbus.

However, EADS doesn't intend to lay staff off; rather, it will use voluntary redundancy and transfers to lower the job count, and it will refrain from replacing some of those who leave.

The overhaul will allow EADS to save an estimated €300-500M from 2014-2016. It will mainly affect the company's defense and space operations, which have suffered from a fall in bookings due to defense cuts by governments.

EADS is expected to disclose the details of the restructure at a shareholders meeting on Wednesday.