Andy Nativi/ROME
Italy's Finmeccanica is to shed former core businesses and refocus on its aerospace and defence units, with one beneficiary likely to be AgustaWestland, which could be handed a war chest to make major acquisitions. Sources say options include a buy-out of the helicopter manufacturer's co-owner, the UK's GKN, or a possible bid for Bell Helicopter Textron.
Finmeccanica is in the process of restructuring its energy and transport businesses prior to disposal, with president Alberto Lina suggesting it could reduce its holding in cash-cow ST Microelectronics.
Chief operating officer and managing director Giuseppe Bono tells Flight International that finance raised - plus government funds and cash raised on the markets - will be used to "grow and reinforce" aerospace and defence, which he says are "definitively the true Finmeccanica core businesses".
Anglo-Italian AgustaWestland, a 50:50 venture with GKN, is likely to be one focus of growth, with Bono suggesting it will play a pro-active role in the consolidation of the helicopter sector, which he believes is inevitable.
"The rotary wing sector is a very important part of our core business, and there are at least five helicopter players in the Western world, which is too many," he says. "For some of the parent corporations involved in the helicopter arena at the moment, rotorcraft are probably not seen as a vital part of their business, therefore consolidation is more than a possibility."
Italian industry sources add that in the mid-term Finmeccanica could approach either GKN or Bell parent Textron to discuss a take-over of their rotorcraft businesses, or, at least, an expanded role in joint ventures. Agusta and Bell are already moving to enlarge the scope of their alliance (based on the BA609 tiltrotor and AB139 medium twin helicopter), but securing full ownership of either the US company or AgustaWestland could prove politically problematic.
Finmeccanica meanwhile is close to finalising the take-over of trainer specialist Aermacchi, easing the establishment of its planned 50:50 military aircraft venture with EADS, due to be agreed by the end of March. Talks with Airbus continue on Finmeccanica taking an 8-10% risk-sharing stake in the A380 programme, with the workshare possibly involving "spillover" from the A400M military transport. Bono adds that there is "no hurry" in reaching a decision on whether to take a 5% stake in Airbus itself.
Finmeccanica is still seeking a partner for Alenia Spazio, and Bono says it could revive talks with Europe's Astrium, pursue "the Alcatel option" or "talk with US companies like Boeing".
He says the delayed formation of Europe's new missile house should be eased by advances in projects including the Franco-Italian Horizon warship. Finmeccanica is also keen to increase its involvement in the combat ship sector.
Source: Flight International
