Bad News For Airbus

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PHXPhlyer
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Bad News For Airbus

#1 Post by PHXPhlyer » Thu Feb 13, 2020 3:28 pm

https://www.dw.com/en/airbus-reports-bi ... a-52360797

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Airbus reports billions in losses after corruption fines
Airbus has reported its first loss in ten years after paying fines over corruption allegations. The company's entire management has stepped down over the charges.
European aircraft manufacturer Airbus on Thursday reported billions in losses for 2019 after being hit with heavy fines related to corruption and bribery allegations.

The Toulouse-based manufacturer reported a net loss of €1.36 billion ($1.49 billion) for the 2019 fiscal year.

Airbus had reported net profits of €3 billion in 2018.

It is the aerospace and defense giant's first net loss since 2009.

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AirAsia chief Tony Fernandes steps aside as probe continues
Allegations of bribes for contracts

Airbus had agreed to fines of €3.6 billion after being subject to bribery and corruption investigations related to dealings in France, Britain, and the US between 2004 and 2016.

Investigations began in 2016 following a voluntary disclosure by the company. Authorities had investigated allegations that bribes were paid in exchange for contracts for the sale of civilian aircraft and satellites.

The entire upper management team has since stepped down.

Read more: As Boeing halts 737 MAX production, can the planemaker recover from the blow?

Airbus also revised down its expections for exports of its A400M military transport aircraft, incurring further costs €1.2 billion on its bottom line in 2019.

Airbus said it plans to deliver around 880 commercial planes in 2020 versus 863 in 2019.

PP :-o

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Re: Bad News For Airbus

#2 Post by G-CPTN » Thu Feb 13, 2020 3:59 pm

Wasn't the business principle established by Lockheed?

PHXPhlyer
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Re: Bad News For Airbus

#3 Post by PHXPhlyer » Thu Feb 13, 2020 4:01 pm

One article I read mentioned that.

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Re: Bad News For Airbus

#4 Post by AtomKraft » Thu Feb 13, 2020 4:30 pm

Airbus are amateurs, Lockheed are the masters at this sort of thing. A lot of bereaved parents in Germany will testify to that....

Nice to see our corporate leaders getting their arses handed to them though...I have a little sympathy though, I bet the US plane makers will do whatever it takes, and if the opposition play dirty, you either do the same or do without the business.

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Re: Bad News For Airbus

#5 Post by Fliegenmong » Sat Feb 15, 2020 9:55 am

Yes, because saving a few $ can lead to losing many $....bencounters never get this, knowing as they do the cost of everything and the value of nothing ...737 MAX is toxic now to even the most un-aviation minded member of Joe Public..

https://www.abc.net.au/news/2020-02-15/ ... t/11957634
Some cause happiness wherever they go; others whenever they go... Oscar Wilde

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