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Business

Airbus Sells German Plant to Diehl and Thales

European aircraft maker Airbus announced on Friday it had sold its plant at Laupheim in Germany to German armaments company Diehl and its partner Thales.

An Airbus plane getting assembled at a factory in Hamburg-Finkenwerder

Airbus wants to concentrate on its core business

No details were provided on the financial details of the sale, which is effective from Oct. 1 and is subject to competition authority approval.

Diehl, based in Nuremberg in the southern German state of Bavaria, is to hold 51 percent of the company, while French defense concern Thales holds the rest.

Laupheim employs around 1,100 workers and has an annual turnover of around 240 million euros ($375 million). The plant makes components for cabins, emergency lighting and controls for aircraft doors.

Airbus chief executive Tom Enders said the sale was a significant element in the implementation of the Power8 program aimed at cutting costs at Airbus.

"It will further strengthen our ability to concentrate on our core business while at the same time creating a strong supplier for major cabin components," Enders said.

The subsidiary of the European Aeronautic Defense and Space Company (EADS) ran into problems as a result of a two-year delay in its A380 superjumbo program.

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