Airbus Reportedly Plans To Cut Costs, Improve Performance

(RTTNews) - Airbus SE (EADSY.PK), Friday announced a new initiative, named LEAD!, to tackle increasing costs and enhance performance of the company, according to various reports.

"In view of the continued pressure in the supply chain as well as the overall complex economic situation, there is a need to concentrate our efforts on the fundamentals," an Airbus spokesman said, Bloomberg reports.

"This will allow us to secure our industrial ramp-up today to deliver to our customers, continue our growth trajectory and prepare our ability to invest in our future programs."

As per the new plan, some positions will be cut, number of job posts will be capped, and productivity issues will be addressed, Reuters reports.

According to a memo sent to the staff, CEO Christian Scherer also mentioned about the rising competitor China, who has strong state backing and a huge domestic market.