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Airbus to Beat 2007 Cost-Saving Target: Report

Airbus, the planemaker unit of European aerospace group EADS, will beat its 2007 target of achieving cost savings of 300 million euros ($435 million), French newspaper Les Echos reported on Friday.

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Les Echos, citing sources it did not identify, said Airbus could achieve cost savings of 400 million euros in 2007. It added that the company could find a further 1 billion euros in savings in 2008.

Officials at EADS in France could not immediately be reached for comment on the report.

As part of a company restructuring plan dubbed 'Power 8', Airbus plans to cut 10,000 jobs and sell six factories. The plan was put in place after Airbus was hit by costly delays to its A380 superjumbo in 2006.

The news will add pressure to Airbus' American rival Boeing .