New managers dust off shelved plans to expand via mergers and focus on defence
With a new management team firmly in place, Finmeccanica is keen to pursue the takeover efforts put on hold earlier this year while it resolved its management issues.
Finmeccanica has previously expressed interest in Telespazio and Aermacchi, with recently appointed chief executive Roberto Testore reiterating that they would "fit well with our objectives". He expects "a positive conclusion in a short period of time". Telespazio's merger with Finmeccanica's Alenia Spazio "is top of our list of priorities and…complementary to our other activities", he says. More takeovers may follow - "several are under evaluation in Europe and the USA", he adds.
Following Finmeccanica company Alenia's recent decision not to proceed with a bid for the 728/928 regional jet programmes of bankrupt manufacturer Fairchild Dornier, Testore says there is "no jet programme planned for ATR". Alenia had evaluated the 728/928 programme with a view to merging it into its ATR turboprop joint venture with EADS.
Earlier this month, however, EADS said that it would block any attempt by Alenia to integrate the regional jet programme with ATR. Testore admits that Finmeccanica had not asked EADS for its opinion on a possible merger with ATR. "We took the opportunity into consideration with no regard for EADS," Testore admits, "but discovered no economic possibility to develop it."
Finmeccanica is "mainly interested in the defence business", he says, outlining plans to "build up and sell off" most of the company's non-defence interests. Joint ventures in torpedoes with Thales and shipbuilding with Fincantieri will be followed by renewed contacts with major defence contractors, including BAE Systems, GKN, EADS, Dassault, Boeing, Lockheed Martin and Northrop Grumman, he says.
Source: Flight International
