CEO of EADS Louis Gallois says he believes the financial crisis is at the lowest point it can get and it is now a matter of predicting how long the aviation industry will remain affected by it.
Speaking to aerospace-technology.com, Gallois said protecting cash is now key for companies wanting to come out of the other end of the financial crisis intact.
"The future of the business depends to some extent on how the financial crisis develops," Gallois said.
"We think the crisis is at its bottom but it's hard to predict how long it will last for the aviation industry," he added.
Gallois said EADS still hopes to meet Vision 2020 — the company's goal to reduce overall income reliance on its Airbus division from 65% to about 50% by enhancing other parts of the company.
EADS also hopes to reduce its focus on Europe through a series of medium-sized US acquisitions.
"It is clear that Vision 2020 is as valid as ever," Gallois said. "Protecting cash is key for EADS at the moment but that doesn't mean we can't go for acquisitions at all."
The global recession has played havoc with some of EADS's biggest plans this year – including its Airbus A380.
Production delays that started in 2006 have been exacerbated by an ailing airline industry battling decreasing flight rates.
According to Global Insight aerospace analyst John Scholle, production backlogs have feathered the fall for aerospace companies to an extent, but while demand is likely to increase in future, projects such as the A380 could still suffer.
"The global environment isn't good for manufacturing right now but the aircraft industry is in a better position than most to cope with it," he said.
"Because planes take so long to build, they [the aerospace industry] can adjust production outputs without harming themselves as badly as businesses in other sectors."
By Penny Jones and Paul French.
