Talk Wrench,
Simple answer, absolutely NO change!
Apart from the fact that BAE Systems have not yet sold anything, they are only "considering" it, the ownership of the Airbus company has no effect whatsoever on what or where the company does it's work. BAES own 20% of the Airbus company, the remaining 80% is owned by EADS. That does NOT mean that BAES own the wing work or the factories where the work is carried out, they in fact own 20% of them, just as they own 20% of Toulouse, Seville, Hamburg and Dresden.
Airbus is a seperate commercial entity, owned 80% by EADS and 20% by BAE Systems. The element that does the wing work, fuel and undercarriage systems and A321 centre fuselages is called Airbus UK. It s NOT BAE Systems.
So, work will still be carried out by Airbus UK at Hawarden and Filton on all Airbus projects inluding the A400M.
Hope that helps.
Oh, and by the way, it's an ever "increasing" defence budget, when something is diminished it becomes smaller, as Defence expenditure is in fact rising year on year above inflation, it is not diminishing.