Even as parent company EADS lost $1 billion in 2009, its fully-owned subsidiary Astrium reported strong growth, Space News reports:
Europeâ€™s Astrium space hardware and services provider reported a 12 percent increase in revenue and a 33 percent increase in backlog in 2009 compared to 2008, with its services business growing by nearly 18 percent, Astrium parent EADS reported March 9.
In a conference call with investors, EADS Chief Financial Officer Hans Peter Ring said 2009 was â€œthe most successful year in the history of Astrium despite the loss of Galileo.â€ Astrium was bested by OHB Technology of Germany in the first round of competition to build Europeâ€™s Galileo timing and navigation satellites.
While the Galileo loss was a psychological blow to Astrium, its effect on Astriumâ€™s total business from a financial perspective is relatively small, especially since the Astrium-owned Surrey Satellite Technology Ltd. of Britain is a major OHB subcontractor for the program.
EADS’ losses were largely a result of problems on its A-380 super jumbo passenger jet and A-400 military plane.
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