Airbus to cut net total of 934 jobs

|About: Airbus Group SE (EADSF)|By:, SA News Editor

Airbus (OTCPK:EADSF, OTCPK:EADSY) tells French labor unions that it plans to cut a net total of 934 jobs as part of a previously announced restructuring aimed at stripping out bureaucracy and simplifying its brand.

Airbus says it will cut 1,164 jobs while also creating ~230 positions in other areas, adding that it is in "constructive" talks with trade union partners.

Airbus, which employs 136K people, also says it will transfer 325 positions, in part as it completes the relocation of headquarters staff from Paris and Munich to Toulouse.

The company says it does not yet know what costs might be associated with the restructuring.