(Fixes stock symbol)
NEW YORK Aug 10 European aerospace group EADS
EAD.PA, parent of Airbus, cannot meet its 2020 sales target
in the United States without acquisitions, its chief financial
officer said on Wednesday.
The company has targeted $10 billion in non-Airbus sales in
the U.S. by 2020.
EADS is screening acquisition targets for the services side
of its business, particularly in the security market, CFO
Hans-Peter Ring said at an industry conference. EADS has
announced three acquisitions in the last 15 days -- each of
less than $1 billion.
"We will look at bigger targets than what we have done, but
it is risky in this environment," he said.
The company had about 11 billion euros in cash at the end
Europe's top aerospace company has tried to reduce reliance
on the capital intensive and highly cyclical Airbus jet sales
revenue stream. But the head of the company's 13-person mergers
and acquisition team has said EADS is under no pressure to do
deals at any price. [ID:nLDE77012J]
(Reporting by A. Ananthalakshmi and Nick Zieminski, editing by
Gerald E. McCormick)