PARIS (Reuters) - Airbus Group and Safran said on Monday they had agreed to create a 50-50 joint venture in space launchers, combining Airbus's launch systems with Safran's propulsion systems.
Reuters reported the move towards closer industrial co-operation on Sunday.
It is the first concrete step towards consolidation after Airbus Group Chief Executive Tom Enders, speaking exclusively to Reuters last month, called for a shake-up to preserve Europe's commercial access to space in the face of new competition.
His call for a bigger industry say was triggered by the arrival of low-cost U.S. based Space Exploration Technologies (SpaceX), run by electric car mogul Elon Musk, but Russia and China are also seen as challenging competitors.
(Reporting by Geert De Clercq and Tim Hepher, editing by Louise Heavens)
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