Poor satellite business forces Airbus to cut jobs

From orbit Poor satellite business forces Airbus to cut jobs

2024-10-17 Source: dpa 1 min Reading Time

Because Elon Musk with Space-X has revolutionized the satellite business, Airbus is in the red in this sector. Now, there is also a threat of significant job cuts in this regard.

Airbus satellites (pictured) are increasingly being overtaken by Space-X systems. Now, the company, which is struggling in this sector, plans to cut around 2,500 jobs, as dpa has learned.(Image: Airbus / M. Alexander) — Airbus satellites (pictured) are increasingly being overtaken by Space-X systems. Now, the company, which is struggling in this sector, plans to cut around 2,500 jobs, as dpa has learned.
(Image: Airbus / M. Alexander)

While the business with military aircraft and cyber security is doing well, the space sector had to record write-downs of 989 million euros in the first half of the year, negatively impacting Airbus's interim financial results. Elon Musk's Space-X Corporation in the USA has become the largest satellite operator in the world. Airbus is therefore struggling with enormous losses in the satellite business. The company now plans to cut up to 2,500 jobs in its defense and space division. The reduction is to be completed by mid-2026. The relevant division of Airbus employs about 35,000 people in Germany and other European countries.

Airbus favors a socially responsible downsizing

Which locations will be affected is to be clarified only at the end of the year after talks with unions and works councils. Airbus primarily builds satellites in Immenstaad on Lake Constance, in Toulouse, in London, and in Munich. Airbus now wants to give the individual areas of the aerospace division more responsibility and streamline the organizational structure to assert itself in the rapidly changing market. They need to become faster, leaner, and more competitive. The social impact of the job cuts should also be as mild as possible. Employees are therefore expected to find new employment in other growing areas at Airbus.

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