Airbus must save $2.2 billion due to weak dollar |
| Reuters - Nov 26, 2007 |
European plane maker Airbus must make additional savings of 1.5 billion euros ($2.2 billion) due to the weak dollar exchange rate, the chief executive of parent company EADS, Louis Gallois, said in an interview in the Monday edition of German daily Die Welt.
"Our savings program Power8 is meant to defend our competitiveness on the basis of a euro rate of $1.35," he said, alluding to the current rate of $1.50.
"The effect of the weak dollar is plain to see. Simple arithmetic will show you that we should save another 1.5 billion euros," he said.
Any euro rise by 10 cents cost Airbus, a France-based maker of large commercial jets, more than 1 billion euros in operating earnings, said Gallois, head of the European aerospace and defense group that includes Airbus.
Read Full Article from Reuters
- Posted: 2007-11-26 09:37:29
| More Stock Investor Place Financial News |
 |
|
|
|
| Stock Investor Place Financial News Archive |
|
|
|
