EADS eyes €350mn in savings by end-2012

European aerospace giant EADS plans to save 350 million euros ($461 million) by year-end by reorganising the group, its chief executive Louis Gallois said in an interview published on Saturday. "We will have from now the same process within the group -- in personnel administration, purchasing, information technology and finances," he told the economic weekly Wirtschaftswoche. "We want to save 350 million euros more by the end of the year," he added. The savings could boost pre-tax earnings by a quarter compared to a year ago, the weekly said. Gallois also expects the group's new mid-range carrier A320 Neo to bring in a "significant increase in profits." The aircraft is scheduled for delivery from 2015, and EADS subsidiary Airbus claims to have already secured over 1,300 orders for it. "The development costs are limited, we would have amortised them before production begins," said Gallois.