Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. France
  4. Euronext Paris
  5. Airbus SE
  6. News
  7. Summary
    AIR   NL0000235190

AIRBUS SE

(AIR)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Analysis: Reprieve for Spanish plant highlights Airbus restructuring challenge

04/22/2021 | 12:09pm EDT
FILE PHOTO: Airbus Airplane at Paris Charles de Gaulle airport in Roissy-en-France

PARIS (Reuters) - Airbus has defused a row over the future of a factory in southern Spain, but the Cadiz plant and its 300 jobs remain on the "critical" list in a potential setback to completion of a company-wide restructuring, industry sources said.

Airbus on Wednesday cancelled long-deferred plans to sell two French and German units and announced a new proposal to hive off production of small mass-produced parts.

But it postponed any physical changes to a network of more than a dozen commercial jet factories in France, Germany, Britain and Spain, prompting Spanish unions to hail a reprieve for the Puerto Real plant in Cadiz, at least for now.

Unions and local politicians have been fighting to defend the plant since Airbus stopped building the A380 superjumbo. Workers in the robot-assisted plant had assembled the huge horizontal stabilizers for the world's largest airliner.

Work there has also been disrupted by a drop in demand for other big jets like the A330 during the pandemic.

Tensions erupted earlier this year when a top German executive said the Airbus plant - one of two in Cadiz - was "not competitive". Hundreds of protesters gathered there this week.

Spanish unions are reluctant to complete negotiations on a broader Airbus coronavirus restructuring plan until Puerto Real's future is settled, people familiar with the talks said.

On Wednesday, Airbus agreed to form a negotiating committee and unions said the company would examine new work for the plant from 2023.

"It...is certainly better than if they had announced the firm decision to close the plant and refused to open a dialogue," said Juan Antonio Vazquez of the UGT union.

Airbus said it was assessing Spanish operations "from a workload perspective" and wanted to ensure the viability and competitiveness of Cadiz. People close to the company said no decisions had been made on its future or its jobs, however.

SPANISH TENSIONS

The plant's fate illustrates the mounting stakes as Airbus battles to cut costs in the face of COVID-19 while preserving a decades-old, politically sensitive European industrial jigsaw.

Airbus is in the midst of shedding some 15,000 jobs but some in the industry have accused the company of avoiding tough choices about reducing factory footprint.

Sources close to Airbus say the changes are the start of a plan to prepare the next generation of jets at lower cost, but acknowledge political constraints on industrial plans in Europe.

Unemployment-stricken Cadiz is the latest irritant to see-saw relations between Airbus and Spain, which owns 4% of the group. Aerospace accounts for 7% of Spain's industrial GDP.

Spain has long felt sidelined in Airbus, which it helped to found in 1970, and repeatedly clashed with former Airbus CEO Tom Enders over delays to the Seville-assembled A400M airlifter.

In 2019, his successor Guillaume Faury left Spain off a leaner Airbus executive committee following the retirement of Spain's top representative, industry veteran Fernando Alonso.

Tensions came to a head later that year when Spain spurned Airbus as its formal partner for a new European fighter.

But the pandemic has fostered direct contacts between Faury and Spain's Socialist Prime Minister Pedro Sanchez and in July last year, the two sides held a summit that restored some calm.

Last week, Faury announced further management changes restoring Spanish representation on the prestigious committee, even as Spain gave up the management lead on military planes.

The Spanish appointee - new operations chief Alberto Gutierrez - is taking time to consider the fate of the Puerto Real plant as he juggles his new role with the sensitive post of head of the company's Spanish operations, insiders said.

Airbus meanwhile said it had no immediate plans to review plants in Britain, but the absence of explicit commitments to the UK post-Brexit - versus pledges to other core nations - is widely seen as a signal that Britain will have to compete with other suppliers to maintain wing production on future jets.

(Reporting by Tim Hepher; Editing by Kirsten Donovan)

By Tim Hepher and Emma Pinedo


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AIRBUS SE -1.71% 114.78 Real-time Quote.30.07%
CADIZ INC. 0.23% 13.19 Delayed Quote.23.57%
EURO / BRITISH POUND (EUR/GBP) -0.23% 0.85282 Delayed Quote.-4.41%
All news about AIRBUS SE
08:40aTRANSAT A T : Air Transat Debuts First Direct Flight Between Vancouver, Quebec C..
MT
04:24aJapan Airlines narrows Q1 operating loss to $757 million as costs fall
RE
04:22aJapan Airlines narrows Q1 operating loss to $757 million as costs fall
RE
02:41aWIZZ AIR : Passengers Rise 62% In July Following Opening Of Italy Base
MT
08/02AIRBUS : Barclays remains its Buy rating
MD
08/02AIRBUS : NorldLB maintains a Buy rating
MD
08/01Airbus production plans expose strategy rift with engine makers
RE
08/01AIRBUS : Aviation heavyweights flock to U.S. grassroots air jamboree to fill pil..
RE
07/30AIRBUS : Three finalist teams are selected for Airbus' Sustainable Mobility Chal..
PU
07/30AIRBUS : Second SurRender article
PU
More news
Financials
Sales 2021 52 749 M 62 555 M 62 555 M
Net income 2021 2 455 M 2 912 M 2 912 M
Net cash 2021 5 133 M 6 088 M 6 088 M
P/E ratio 2021 34,1x
Yield 2021 0,64%
Capitalization 91 764 M 109 B 109 B
EV / Sales 2021 1,64x
EV / Sales 2022 1,42x
Nbr of Employees 126 050
Free-Float 74,1%
Chart AIRBUS SE
Duration : Period :
Airbus SE Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends AIRBUS SE
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 23
Last Close Price 116,78 €
Average target price 134,96 €
Spread / Average Target 15,6%
EPS Revisions
Managers and Directors
Guillaume Faury Chief Executive Officer
Dominik Asam Chief Financial Officer
RenÚ Richard Obermann Chairman
Grazia Vittadini Chief Technology Officer
Jean-Brice Dumont Executive Vice President-Engineering
Sector and Competitors
1st jan.Capi. (M$)
AIRBUS SE30.07%109 061
THE BOEING COMPANY5.27%132 083
TEXTRON INC.44.20%15 620
DASSAULT AVIATION13.04%10 024
AVIC ELECTROMECHANICAL SYSTEMS CO.,LTD.-9.08%6 252
AVICHINA INDUSTRY & TECHNOLOGY COMPANY LIMITED9.98%5 973