Italian aeroengine and space company Avio could launch an initial public offering of shares as early as mid-2006, says vice-president corporate business development Giorgio Abrate. “There will probably be an IPO in the coming years, but not before the middle of next year,” Abrate says. The decision to proceed to an IPO would depend on both the company’s shareholders – Carlyle, which owns 70%, and Finmeccanica, which holds a 30% stake – Abrate says.
Avio is pursuing a growth strategy, following its recent acquisition of an 80% stake in the aeronautics business of Netherlands-based Phillips Aerospace. “We saw the opportunity and made the most of it – it was not part of an aggressive acquisition strategy, but it is certainly a starting point,” says Abrate.
Source: Flight International