The European Aeronautic Defence and Space Co. 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 Paris-based company’s 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 company said.