CORRECTED – Airbus seeks hefty cost cuts for Canadian A220 jet

MONTREAL (Reuters) - Europe's Airbus is looking for a "significant double-digit" percentage reduction in costs for a recently acquired Canadian jet programme, as it expands production capacity to cope with anticipated demand for the former Bombardier jet. Philippe Balducchi, head of an Airbus-led venture which took over production of the loss-making A220 last year, indicated the bulk of the reduction in costs would come from the supply chain as Airbus uses its greater clout in negotiations for parts. Other savings would come from more efficient operations as workers gain experience of building the lightweight 110-130-seat jet, whose deliveries doubled to 33 aircraft last year.

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