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Eads Plans To Cut Up To 6,000 Jobs And Sell Its Paris Hq: Paper

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Reuters 9/12/13

'(Reuters) - European aerospace company EADS (EAD.PA) plans to cut between 5,000 and 6,000 jobs and sell its Parisian headquarters as part of a restructuring program it will detail later on Monday, Le Figaro newspaper reported. Two industryicon1.png sources told Reuters last month that the restructuring would cost thousands of jobs but fewer than the 8,000 reported by German news agency DPA.

The potential 6,000 job cuts represents around 5 percent of the group's total headcount.

Le Figaro wrote that EADS did not foresee any layoffs, as the job cuts would be met through voluntary redundancies and transfers, while employeesicon1.png nearing retirement or the end of their temporary contracts would not be replaced.

The company's offices in the Paris region will be reorganized, while the headquarters of its defense unit Cassidian in the German city of Unterschleissheim, north of Munich, would be closed and transferred further south, to Ottobrunn, the newspaper said.

The Parisian headquarters are valued around 100 million euros ($136.84 million), the paper said.

The newspaper cited analysts as saying the reorganization would enable EADS to save 300 to 500 million euros between 2014 and 2016. German daily Handelsblatt had reported that EADS expected savings of 690 million euros.

EADS was not immediately available to comment.'

This may have been posted on here last month.

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