EADS Test & Services sale expected within weeks
The European Aeronautic Defence and Space Company is within weeks of agreeing the sale of its Cassidian Test & Services Unit. Chief strategy and marketing officer, Marwan Lahoud, told a committee of the French Parliament:
We have identified several investors and expect to take a decision in a few weeks.
The subsidiary was put up for sale earlier this year following a strategy review. The review was prompted by the collapse of merger talks between EADS and BAE last year. The company hopes that the results of the review and the reconfiguration of the company, will lead to greater discipline and cohesion among the groups various defence activities.
HSBC has been charged with the running of the sale. The proposal has been opposed by French unions who argue Teat & Services should remain a 100 per cent subsidiary of EADS.
Lahoud also restated EADS' position – that it is no longer interested in a major acquisition to bring defence activities into line with sales in the civil sector.