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Airbus to simplify via units sale
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AIRBUS Group has unveiled plans to sell half a dozen businesses with combined annual revenues of 2 billion euros (US$2.6 billion), simplifying its defense and space division to focus on warplanes, missiles, launchers and satellites.
Announcing the results of a portfolio review, Europe’s largest aerospace group signaled a break with previous efforts to diversify into security activities and a halt to investment in defense electronics, in which it lacks the scale of rivals.
Europe’s defense industry is struggling as cash-strapped governments cut back on military spending. EADS, later renamed Airbus, responded in 2012 by trying to merge with Britain’s BAE Systems, but the deal was blocked by Germany.
That, coupled with the stronger-than-expected growth of its jetliner business, led Airbus to drop a previous goal of having broadly balanced revenues from its commercial and defense arms, and reassess its defense and space activities.
The group said yesterday that it would sell its Professional Mobile Radio secure communications assets and confirmed plans to sell a 49 percent stake in submarine supplier Atlas Elektronik, unwinding two efforts at diversification started nine years ago. It said it would also consider selling other commercial and non-government satellite communications activities.
Also for sale are systems and software company ESG and three smaller units: US-based Fairchild Controls, German cabin simulator maker Rostock System-Technik and AvDef, a small aviation firm in France that trains fighter pilots.
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