PARIS (Reuters) - EADS said on Wednesday its French space activities would stay in France as it reorganizes defense and space assets into one German-headquartered unit.
“There is no cross-border restructuring; whatever is in France will stay in France as far as space is concerned,” Chief Strategy and Marketing Officer Marwan Lahoud said.
EADS’ current Astrium space division makes France’s nuclear deterrent and other sensitive technology.
When it was founded in 2000, EADS kept space separate from its Germany-focused defense activities for political reasons “because people wanted to put flags on the names,” he said.
The latest reorganization will allow EADS to unlock cost savings, he said, adding it would be up to divisional leaders to quantify these in detail.
The reorganized divisions will all push towards the group’s goal of achieving 10 percent margins, Lahoud said.
The executive again ruled out a fresh attempt to merge EADS with Britain’s BAE Systems (BAES.L).
“There are no opportunities for a BAE deal; it’s over. Our children or grandchildren will talk about it,” he said.
Reporting by Cyril Altmeyer, Editing by Tim Hepher