(MENAFN - Qatar News Agency) EADS , the parent company of Airbus and Europe's largest defence and aerospace company ,is to cut 5,800 jobs at its defence businesses and close sites in Paris, Munich, Spain and Britain as it tries to lift its lagging profit margins and deal with the steep reduction in European defence spending.
The cuts, which represent about 4 per cent of the company's workforce, are less drastic than unions had feared, according to the Financial TImes
They will be made over the coming three years and, critically, they will be voluntary, making it more likely the company will gain the approval of unions and politicians, which is particularly important in Germany
In Germany, 2,600 jobs are to go, including 570 temporary positions
In France, where the group's corporate headquarters in Paris will close, 1,700 jobs will be cut, including 400 temporary positions
Spain will lose 600 jobs, while the UK will lose 700.