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Airbus takes $900 million charge on space programs
Posted: Sat, Jun 29, 2024, 1:12 PM ET (1712 GMT)
Airbus announced Monday it will record a charge of nearly $1 billion because of problems on satellite programs. The company said it would take the 900-million-euro ($965 million) charge in the second quarter after completing an analysis that found cost and schedule problems with several telecommunications, navigation and Earth observation spacecraft programs. Executives did not identify specific programs but said one common theme was the company had not properly evaluated technology risks on programs, particularly those under contracts from 2018 to 2021. The company added it is examining "all strategic options" for its space unit, including restructuring as well as merger and acquisition options.
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