Plans to restructure aircraft manufacturer Airbus were "unanimously approved" by the European Aeronautic Defence and Space (EADS) board in Amsterdam yesterday.
The strategy to turn around Airbus' fortunes, known as the "Power8 plan", has not been made public but it is hoped the restructuring will improve the firm which has suffered financially because of problems with the creation of its A380 commercial planes.
In January Airbus warned that it expected to post a loss of profits in March due to a decline in sales. Although Airbus received a record-breaking 1,111 orders in 2005, 2006 saw just over 600 new orders.
A statement from the EADS board said: "Power8 shall enable Airbus to better face the challenge of the US dollar weakness, the financial burden related to the A380 delays as well as its future investment needs."
However the new plans for Airbus may not prove to be good news for the company's employees amid fears that the Toulouse-based firm could cut thousands of jobs in France and Germany. One newspaper reported 10,000 possible job cuts as part of the restructuring plan.
EADS states that it will be discussing the plans with "relevant employee representation bodies".
The group also contains the world's largest helicopter supplier, Eurocopter, and the joint venture MBDA, the leading international missile producer in the global market.
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