EADS Cuts Deliveries of Airbus Planes
European Aeronautic, Defense & Space Co. said it dropped plans to increase Airbus SAS aircraft production and cut expected plane deliveries for three years because of last week’s terrorist attacks in the U.S.
Europe’s No. 1 aerospace company, the primary shareholder in Airbus, said it’s freezing hiring and curtailing investments as the attacks have discouraged air travel and pushed airlines to losses.
EADS also said development of the Airbus 550-seat A-380 super-jumbo aircraft is proceeding “exactly as planned.”
The company, Boeing Co.’s only competitor in the market for large commercial jets, said it will cut deliveries for 2001 to 320 planes from 330, but said no airlines have canceled orders.
Airbus will freeze production at 330 to 350 planes a year, EADS said. The plane maker has firm orders for 375 planes to be delivered next year.
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