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Article: EADS abandons U.S. acquisition to protect cash amid financial crisis
- Article from:
- Xinhua News Agency
- Article date:
- January 13, 2009
CopyrightCopyright 2009 Xinhua News Agency. Provided by ProQuest LLC. (Hide copyright information)
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EADS abandons U.S. acquisition to protect cash amid financial
crisis
LONDON, Jan. 13 (Xinhua) -- The European Aeronautic Defense and
Space Company (EADS) said on Tuesday that it had pulled out of a "
significant" U.S. acquisition in order to "protect cash" amid the
current global financial crisis.
"We want to protect cash so we are focusing and reducing our
investment expenses," EADS Chief Executive Louis Gallois said at a
news conference in Newport, southeast Wales, the base for EADS
defense and security systems company.
"We need this cash to protect the company and sometimes support
our suppliers, in particular when they are in common with the auto
industry," he said.
"We were on the ...