06 Oct 2005
BAE Systems chief executive Mike Turner has today welcomed the industrial launch of the Airbus A350 airliner, as a development which will help preserve and protect high-value design and manufacturing expertise in the United Kingdom.
He comments: The launch of the A350 is a significant milestone for the European aerospace industry. With 140 firm orders already secured, it will help to ensure that our investment in Airbus continues to deliver a strong and positive return for BAE Systems shareholders and, with the support of the UK Government, safeguard the UKs involvement at the forefront of aerospace design and technology.
Backed by the Airbus shareholders BAE Systems and EADS, Airbus has applied for support in France, Germany, Spain and the United Kingdom. The European governments have provided letters of general support for the A350. However, Airbus, EADS and BAE Systems have decided that no disbursement should take place as long as there is a credible prospect of negotiations and similar efforts are being undertaken in the United States. This further confirms the willingness of BAE Systems, EADS and Airbus to settle the current trade dispute through negotiation.
BAE Systems owns 20% of Airbus, which is recognised as the most successful cross-border industrial co-operation project.
About BAE SYSTEMS
BAE Systems is an international company engaged in the development, delivery, and support of advanced defence and aerospace systems in the air, on land, at sea, and in space. The Company designs, manufactures, and supports military aircraft, combat vehicles, surface ships, submarines, radar, avionics, communications, electronics, and guided weapon systems.
It is a pioneer in technology with a heritage stretching back hundreds of years and is at the forefront of innovation, working to develop the next generation of intelligent defence systems.
BAE Systems has major operations across five continents and customers in some 130 countries. The Company employs over 90,000 people and generates annual sales of approximately 14.8 billion through its wholly owned and joint-venture operations.
For further information, please contact:
John Neilson, BAE Systems
Tel: +44 (0) 1252 384795
john.neilson@baesystems.com
