EADS to Cut 5,800 Jobs as Part of Major Overhaul

PARIS (AP) -- European air and defense company EADS is cutting 5,800 jobs over the next two years as part of a major overhaul and cost-cutting plan.

The company said Monday in a statement that the jobs would be eliminated from its corporate and space and defense divisions by the end of 2016. The company is moving its many space and defense divisions into one arm, to be called Airbus DS. The company also plans to change its name from EADS to Airbus, the name of its plane-making -- and best-known -- arm.

CEO Tom Enders said the cuts were necessary to compete and attract customers in growing markets.

The company is also getting rid of its corporate headquarters, just outside Paris, and moving staff to another site, also outside Paris.

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