EADS reportedly selling Socata

 - April 28, 2008, 7:26 AM

European aerospace consortium EADS is believed to be close to selling its Tarbes, France-based Socata subsidiary–the manufacturer of the TBM 850 turboprop single–to Daher, an aerospace, defense, nuclear and automotive group headquartered in Wissous, France. An industry source close to the deal told AIN that Daher has completed the due diligence process, with the sale apparently hinging on Airbus awarding a contract for A350 work to Socata. French newspaper Journal du
Dimanche reported that EADS wants to sell Socata to raise cash following the collapse of the sale of Airbus production plants in Germany. According to another French newspaper, Socata is looking for a partner to help it finance an eight-seat jet project. EADS and Socata officials did not return AIN’s multiple requests seeking comment.