PARIS: European planemaker Airbus has told the company’s 135,000 employees to brace for deeper job cuts, warning its survival is at stake without immediate action, a Reuters report said.
In a letter to staff late last week, Chief Executive Guillaume Faury said: “We’re bleeding cash at an unprecedented speed, which may threaten the very existence of our company.”
“We must now act urgently to reduce our cash-out, restore our financial balance and, ultimately, to regain control of our destiny,” he said.
With airline customers fighting to survive and unable to accept new aircraft, Airbus is juggling its delivery schedules while reassessing its long-term outlook for the aerospace industry, the letter said according to Bloomberg News.
A plan to slash production by one-third announced earlier this month may not reflect the worst-case scenario, he said.
