European Aeronautic Defense & Space, the parent company of Airbus, said its board had unanimously approved a radical turnaround plan, one week after the chief executive of the troubled European aircraft maker pleaded with its main shareholders to overcome "national issues." Details of the plan were not released, EADS said Monday, pending meetings Wednesday with Airbus workers' representatives from the four European countries where the company operates. EADS expected the plan to eliminate around $6.6 billion in costs over the next three years through reductions in staffing and procurement costs, as well as increased outsourcing of aircraft production and assembly to contractors.
See "Radical turnaround plan for Airbus gets parent company's approval", Nicola Clark, International Herald Tribune, February 26, 2007