Airbus to cut up to 2,500 jobs in space, defence unit

PARIS: European aviation giant Airbus plans to cut up to 2,500 jobs in its struggling defence and space division, a source close to talks between management and unions said Wednesday.

The specifics of the job reductions were not immediately known, the source said on condition of anonymity. The division employs 35,000 people.

Airbus declined to comment.

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The European company is the world leader for telecommunications satellites but it has faced a drop in demand.

The group’s net profit fell by 46 percent to 825 million euros ($900 million) in the first half of the year, dragged down by a massive writedown in its space business.