Thu, Apr 09, 2009
Says Consortium Could Go It Without Britain
European aerospace consortium EADS -- struggling with
the late, overbudget Airbus A400M military transport
program -- has responded to cold feet on the part of a
development partner with a daring bluff.
As the contractual dealine for the plane's first flight neared,
EADS hit up the nations and companies partnering in its development
for more capital. Most publicly balked. When that milestone was not
met on time, the partners were entitled to demand refunds of
investments totalling $7 billion US, or about two-thirds the entire
current stock value of EADS.
Now, Reuters reports EADS told Britain Tuesday it is prepared to
go forward with the plane, even if the UK pulls out. Britain and
Germany are both upset the turboprop airlifter -- which is urgently
needed in Afghanistan -- may be four years late.
EADS CEO Louis Gallois said at a defense conference recently
that he views the A400M as, "...indispensable to European defense
and industry." He also noted while cancellation of Britain's
charter order for the jet -- involving 25 of the 180 planes ordered
to date -- would be a blow, such a pullout may be politically
untenable because of the British jobs which could be lost.
German defense officials have also said a collapse of the
project is possible. Major stakeholders are scheduled to meet in
July to negotiate a new contract with EADS.
Gallois (above) remains confident. "We will build this plane.
There is no show-stopper."
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