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EADS instates restructuring plan despite significant profit

Latest update : 2008-07-30

Despite reporting a tripled first half operating profit, the European aerospace group EADS has announced a new cost-cutting plan to be implemented later this year. The group is hit notably by the weakness of the dollar.

The European aerospace group EADS, which controls Airbus, reported a tripled first-half operating profit on Wednesday, but also announced a new cost-cutting programme later this year.

EADS, already in the throes of a vast restructuring to overcome deep problems brought to light by delays in the A380 superjumbo airliner programme, reported a first-half operating profit of 1.158 billion euros (1.80 billion dollars).

The group is also hard hit by the weakness of the dollar and has warned that it must shift some of its production out of the eurozone, and wants to develop facilities also in the United States.

In a statement on Wednesday, it announced an extension of its existing "Power8" restructuring plan with another called "Power8 plus", which would concern "internationalisation of the cost base."

Date created : 2008-07-30

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