The renaming comes just a few months after plans for EADS to merge with rival defence manufacturer BAE Systems went down in flames. It's part of a mass reorganisation at the group: the newly-monikered Airbus Group will have three divisions – commercial aircraft, defence and space (containing defence firm Cassidian and satellite manufacturer Astrium), and helicopters (another of its subsidiaries is Eurocopter).
EADS chief executive Tom Enders said the group’s new name ‘gathers the entire company under the brand we have, one that stands for internationalization, innovation and integration – and also for some two-thirds of our revenues. It reinforces the message that we make things fly’.
It’s certainly made its profits fly: the company posted results this morning showing operating profit had risen by 23% to €887m (£773m) in the second quarter, smashing analysts’ expectations of €839m
Airbus’ commercial arm offset lower earnings from EADS’ helicopter and space divisions, with revenues rising by 3% to €13.95bn.
The company’s reorganisation will start on 1 January next year. Enders said it would create a ‘flightpath… for improved shareholder returns’. Apparently MT isn’t the only one spending its evenings making up bad puns…