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EADS now world's largest Aerospace & Defence firm

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A file photo of EADS Defense & Security wing

NEW DELHI (BNS): EADS has dislodged Boeing as the worlds biggest Aerospace and Defense Company in 2008, based on revenues, a study released by Deloitte said.

Boeing was leading in 2007, but strike in Boeing's commercial division last year allowed the European Aeronautic Defense and Space Company (EADS) to move ahead, DefenseNews reported Tuesday.

According to the study released on Tuesday EADS, whose product line includes the Airbus A400M, has topped long-time rival Boeing Company as the biggest aerospace and defense company in the world.

Boeing and EADS, including its partner Northrop Grumman, are locked in a battle to build the next air-refueling tanker for the U.S. Air Force, a deal that is valued at $35 billion and has been put on hold.

EADS led the revenue growth for European companies, with almost $6 billion in additional revenue in 2008 over its 2007 revenue of about $57 billion. Boeing's 2008 revenue was $60.9 billion, down from $66.4 billion in 2007.

Deloitte's study of 67 aerospace and defense companies or divisions of companies found that European companies grew faster than U.S. companies in 2008. Revenue for European companies grew 9.56 percent, while revenue for U.S. companies in the study grew at 6.3 percent.

Operating margins were 7.55 percent for European companies in 2008 and 10.17 percent for U.S. companies in the survey, Deloitte said.
In total, the group had record revenue of $595 billion in 2008 and operating income of about $54 billion. Revenue in 2007 for the group was $552 billion, it said.

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