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REFILE-Acquisitions key for EADS' U.S. growth - CFO
August 10, 2011 / 4:10 PM / 6 years ago

REFILE-Acquisitions key for EADS' U.S. growth - CFO

(Fixes stock symbol)

NEW YORK, Aug 10 (Reuters) - 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 of June.

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)

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