EADS chief sees 2 year crisis impact

EADS expects the years 2010 and 2011 to be still affected by the financial crisis and sees job cuts completed by the end of next year, the head of the European aerospace group told le Parisien in an interview.
“We think that 2010 and 2011 will continue to be hit by the crisis,” EADS Chief Executive Louis Gallois told the French paper in an interview to be published last week.
“We will better see where we stand by the end of winter 2010.”
EADS is the parent company of Airbus which has been hit hard by the collapse in global demand for new passenger jets.
Gallois told the paper he estimated some 30 aircraft orders had been cancelled in 2009 and more orders delayed. But he said delivery targets were met for this year and the group would try to meet them again in 2010.
The group, which has axed hundreds of jobs in the past two years to cut costs, will have completed its restructuring by the end of 2010, Gallois told Le Parisien.
 He added that about 95%of job cuts in France had been achieved and 80% in Germany. “We will be at 100 in both countries by the end of 2010,” Gallois told Le Parisien.