Airbus to cut 2,362 jobs due to slump in aerospace market and delayed defence contracts

European aircraft manufacturer Airbus Group said Thursday it plans to lay off 2,362 employees in its aerospace and defense division over the next two years,media reported. Airbus decided to cut 829 German employees, 630 Spanish, 404 French and 357 British staff, citing “a slump in the space market and delayed contracts in the defence sector,” the report said.

Airbus to cut 2,362 jobs due to slump in aerospace market and delayed defence contracts

Airbus said 142 staff in other countries would also be cut and was in talks with its European Working Committee on the manpower change.

Airbus’ aerospace and defense division is reported to account for 15% of the group’s total revenues and will lose 881 million euros in 2019.

France-based Airbus Group reported a net loss of 1.36 billion euros in 2019 as a result of fines of 3.6 billion euros and additional research and development spending on a 400M transport plane in the bribery scandal.