Airbus: Aerospace giant to cut up to 2,500 jobs in struggling defence and space unit amid falling demand
European aerospace giant Airbus is reportedly planning to cut up to 2,500 jobs in its Defence and Space division, following declining demand and financial struggles.
The division, which employs 35,000 people, is facing significant restructuring efforts as the company attempts to restore profitability.
Airbus has not commented on the job reductions, but a source close to the discussions confirmed the move with Economic Times. The cuts follow a sharp 46% drop in net profit for Airbus, largely due to a €1.2 billion writedown in its space division.
Airbus is a leading global player in the aerospace industry, with its Defence and Space division focusing on satellite communications and military systems.
Despite its success in telecommunications satellites, the division has faced challenges due to project delays and a slow market recovery. In the first half of 2024, Airbus recorded a net profit of €825 million ($900 million), a steep drop from the previous year.