Airbus warns 135,000 workers to prepare for job cuts as it’s ‘bleeding cash’ due to coronavirus
AIRBUS has told its employees that it may not survive the coronavirus lockdown unless it cuts more jobs and accesses more financial help.
In a letter to its 135,000 staff, chief executive Guillaume Faury said the company, which makes planes for major airlines, was “bleeding cash at an unprecedented speed”.
⚠️ Read our coronavirus live blog for the latest news & updates
The letter said Airbus was considering options to help save the business, according to Reuters news agency.
The company has about 13,500 staff in the UK, most of whom help make wings for planes at sites in Broughton, north Wales, and Filton, Bristol.
Around 3,200 production and production-support employees at Broughton will be placed on the UK's furlough scheme over the next three weeks.
Airbus says it will top-up gross salaries by anything from 85 per cent to 90 per cent depending on your wage.
A further 500 temporary contractors at Broughton, who were employed by Guidant, have also been furloughed.
Elsewhere, Airbus has accessed a furlough scheme in France which will help pay the wages of around 3,000 workers.
It has also convinced banks to lend it more money, giving it time to “adapt and resize”.
But Mr Faury warned that the plane supplier may need to plan for “more far-reaching measures” to stay afloat.
This could include further job cuts or more drastic financial measures.
“The survival of Airbus is in question if we don’t act now,” he wrote.
Give now to The Sun's NHS appeal
BRITAIN’s four million NHS staff are on the frontline in the battle against coronavirus.
But while they are helping save lives, who is there to help them?
The Sun has launched an appeal to raise £1MILLION for NHS workers. The Who Cares Wins Appeal aims to get vital support to staff in their hour of need.
We have teamed up with NHS Charities Together in their urgent Covid-19 Appeal to ensure the money gets to exactly who needs it.
The Sun is donating £50,000 and we would like YOU to help us raise a million pounds, to help THEM. No matter how little you can spare, please donate today here: .
Earlier this month, Airbus said it would cut the number of planes it builds by a third as travel restrictions dramatically reduce the demand for new aircraft.
A number of airlines, including EasyJet and British Airways, have grounded all or some of their fleet.
“In just a couple of weeks we have lost roughly one-third of our business. And, frankly, that’s not even the worst case scenario we could face,” Mr Faury said.
Airbus is scheduled to release its latest financial results on Wednesday, when commentators suggest it could also unveil job cuts.
The Sun has contacted Airbus for comment.
More on Money
The coronavirus lockdown has proved difficult for businesses across the UK - last week, fashion store Animal said it would shut all 21 of its UK stores putting 500 jobs at risk.
And other retailers, including Debenhams, have felt the pinch.
But there are options if you've lost your job - we have more than 45,000 key worker jobs on offer.