EADS is one of Europe’s major aerospace and defence businesses, designing and developing aircraft for military purposes. The company has announced huge job cuts set to face employees across the whole of Europe, with an estimated over 5500 jobs being axed due to funding cuts.
The business is undergoing a restructure throughout it’s defence and space sectors, which have bases throughout Europe, including in the UK. One of the company’s key sites is in Portsmouth, and it is expected that a vast numbers of jobs will go as part of the restructure. EADS has announced approximately 450 jobs will be lost at all 3 of it’s UK bases.
The restructure is planned to be executed over the next three years, and EADS hopes that the majority of job losses will be voluntary. Surprisingly the business does make a profit, however the financial figures simply do not compete with US based organisations in the same industry.
There are no plans to take on big projects in the coming years, which is worrying for the organisation as a whole. They need to seriously consider tactics on how to win new projects and work on their company competitiveness both in the UK and across Europe.The defence industry is facing major budget cuts, which is also affecting the aerospace giant.
The company currently employs over 15,000 people across sites in the UK; it is looking to be an unstable for future for many workers, including those based at the Portsmouth site.