NUREMBERG, Germany (AP) -- A manufacturing plant operated by Airbus in Laupheim, Germany, will be sold to Germany's Diehl Aerosystems and France's Thales SA, officials said Friday.
Herbert Wust, whose Diehl Foundation is part of a joint venture with Thales, said the deal was completed on Friday and was set to be signed on Saturday. The plant would be operated by the joint venture starting Oct. 1.
Terms of the deal were not disclosed, Wust said, adding that "Both sides agreed to not to say anything."
The sale of the Laupheim site is part of Airbus' so-called Power 8 restructuring program, aimed at cutting costs and boosting profitability after costly delays to the superjumbo A380 and the mid-size A350XWB.
Airbus parent European Aeronautic Defence & Space NV said the plant has 1,100 employees. It produces cabin linings, compartments and air ducts for planes ranging from the short-haul A320 family up to the A380.
Earlier this year, Airbus terminated negotiations with Germany's OHB Technology AG over the sale of three other German sites.
Airbus said it could not find a viable industrial and financial solution with OHB for the Airbus sites in Nordenham and Varel and an EADS site in Augsburg.