The European Aeronautic Defence and Space Co. [Amsterdam: EAD] is eliminating 1,700 jobs at its Space Division. The division reported a loss of 268 million euros ($296 million) in 2002 because of “high provisions made in the context of further deterioration of the space markets, mainly for restructuring and investments depreciation, a satellite contract cancellation and losses on some program,” the company said.

The job cuts will be in addition to the company’s (Paris) plan announced last year to layoff 1,600 employees. Savings will be generated through adaptations to market demand, overhead reductions, implementation of integrated cross-national centers of competence, industrial reorganization and savings in procurement. The target is to achieve EBIT (earnings before interest and taxes, pre-goodwill amortization and exceptionals) breakeven by the end of this year.