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Business

Airbus Manufacturer Hit By Soaring Euro

As the euro continues to climb against the U.S. dollar, manufacturers across Europe are worrying about the consequences for exports. The continent’s largest aircraft maker EADS sounded the alarm on Monday when it warned that the strong currency could force it to move production into non-euro countries. The company’s joint chief executive Philippe Camus said the low dollar was putting pressure on the international competitiveness of the Paris-based company, which produces the Airbus. "The dollar has depreciated by about 30 percent in a year, which potentially costs us about €3 billion ($3.9 billion)," Camus told the French daily Le Monde over the weekend. "This persistent weakness of the dollar is a subject of serious concern," he said. As a result, EADS is reinforcing its cost controls and looking for ways to reduce its exposure to the slumping dollar. About 30 percent of EADS’ sales are exposed to the dollar, a company spokeswoman said on Monday. (based on wire reports)

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