EADS calls on more state support: report
FRANKFURT (Reuters) - The chief executive of European aeronautics and defense group EADS (EAD.PA), Louis Gallois, called on the state to help it compete against arch rival Boeing (BA.N).
"Support from governments is definitely an issue," he said in an interview published on Saturday in the Berliner Zeitung.
"Boeing received subsidies of 800 million dollars from the U.S. government for research and technology in 2006 according to EU information. We however had to make do with 60 million euros ($94.34 million) from the European governments."
Gallois declined to name any specifics about his newly announced plans to further lower costs above and beyond the group's Power8 program for Airbus.
"There will not be any huge cuts," he said though.
Euro am Sonntag reported a "high ranking manager" as saying Gallois plans to extend the working week to 40 hours from a current 35.
The EADS CEO added that he did not expect the company to lose the $35 billion U.S. refueling tanker deal or even parts, now that Boeing is appealing the decision.
(Reporting by Christiaan Hetzner)
