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Airbus to rescue supplier by buying it - paper
September 22, 2011 / 8:05 AM / 6 years ago

Airbus to rescue supplier by buying it - paper

FRANKFURT, Sept 22 (Reuters) - Plane maker Airbus , is close to buying a majority stake in one of its German suppliers that is facing a liquidity squeeze, daily Financial Times Deutschland reported, citing Airbus.

Talks to take over PFW Aerospace AG are in the final stages, the newspaper reported on Thursday.

“The goal is get PFW out of its current crisis,” the newspaper cited Airbus as saying.

Airbus, its parent company EADS and PFW were not immediately available for comment.

PFW, whose tubes transport air and fuel in Airbus’s A350 and A380 aircraft and Boeing’s 787 Dreamliner, generated sales of 214 million euros ($293 million) in 2010, according to its website.

FT Deutschland said the company was hit by delayed aircraft programmes and high development costs.

The company, based in the southwestern German city of Speyer, is owned by U.S. private equity company Safeguard International. Safeguard did not have an immediate comment. ($1 = 0.730 Euros) (Reporting by Maria Sheahan; Editing by Hans-Juergen Peters)

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