EADS expects sharp cuts in military spending
European aerospace group EADS expects European governments, facing budgetary constraints following the global economic crisis, will make sharp cuts in defence budgets, a senior executive said Thursday.
"The defence budget cuts will be tougher than the ones we've known in the past," the head of the group's Cassidian military division, Herve Guillou, was quoted as saying in the trade journal AeroDefenseNews.
The company has already begun to feel the impact of the cuts, he added.
"In my segment, we are down by almost 50 percent in Spain, and in Britain I expect a drop of 15 to 25 percent, and in the order of 10 to 20 percent for France and Germany," Guillou said.
© 2010 AFP