As expected, Airbus Chief Executive Louis Gallois yesterday announced his much delayed "Power8" plans to restructure his ailing company, shedding 10,000 jobs in the process. The jobs comprise 5,000 directly employed staff and 5,000 workers contracted from other firms and redundancies will be phased over the next four years. Additionally, Airbus intends to sell all or part of six factories.I've read of the history of boom and bust in the aircraft industry, of Boeing going from rags to riches to rags to riches, laying off the work force, then hiring them back. It looks like Airbus hasn't escaped this cycle. It will be veeery interesting to see if the politics can be made to work. Politics is an uneeded headache in an already tough business, especially international politics. Maybe state subsidies aren't always a plus.
4 hours ago