Airbus presented to its unions today a plan for new cost-cutting measures designed to add €650 million ($928 million) in savings to the €2.1 billion ($3 billion) target prescribed by the Power8 restructuring program. Called Power8 Plus, the initiative extends the existing Power8 program from 2010 to 2012, accounting for €350 million ($500 million) in savings. Another €300 million ($428 million) will come from “internationalization” of engineering and manufacturing work. Plans reportedly call for a new parts factory in Tunisia and further investment in composite parts processes in France. Airbus said it does not anticipate more headcount reductions to result from further development outside the Eurozone.

“Power8 is the centerpiece in Airbus’ restructuring and integration efforts and we have been very successful in achieving our targets so far,” said Airbus president and CEO Tom Enders. “However, markets and competition remain challenging. Further measures to improve our cost base and overall efficiency are necessary to secure the long-term competitiveness of our company. By pushing forward with internationalization we secure growth, we take advantage of lower cost structures, we access talent on a worldwide basis and, simultaneously, support employment and core competences in Europe.”