EADS' top defense executive has said that because of shrinking European defense budgets, European Aeronautic Defense and Space Co. is banking on growing in global markets, a strategy it is ready to back up with acquisitions of non-European companies.

Stefan Zoller, head of EADS' $6.7 billion defense unit, was quoted as saying by the Financial Times Germany newspaper, "European growth is over. We now have to pursue a global strategy."

Zoller further added that strategic acquisitions will be part of that strategy, without giving details on potential targets.

He said at a news conference on Wednesday in Munich that EADS has enough money to buy "whatever we want."

Zoller also said that markets EADS is increasingly focusing on include India, China, Brazil and the Middle East.

It was singled out by the manager that India as an especially interesting market. EADS hopes to sell its Eurofighter combat jet to India, which is looking for a massive upgrade for its fighter jet fleet. In a bid to get the 162-plane contract, EADS might produce in India.

EADS' customers, once mainly in Europe, are already becoming international. Nearly 40 percent of the 2009 contracts (totaling nearly $11 billion) were signed with non-European customers.

EADS daughter Airbus has been hit hard by cost overruns linked to the military transport A400M, a project that has damaged European government's confidence in doing business with EADS daughter Airbus.

Zoller further said, "Enthusiasm for large multinational projects is limited at the moment. It is obvious you can only spend the money once."

This could affect development of the Talarion, an unmanned reconnaissance drone EADS hopes to get European funding for. Germany, France and Spain are interested in new drones but they have yet to place orders.