Finmeccanica is refocusing on aerospace and defence and will leave non-core sectors in the longer term, says Roberto Testore, group chief executive and managing director of the Italian state-owned holding company.
Finmeccanica has controlling interests or joint ventures in aeronautics (including Aermacchi and Alenia Aeronautica), space (Telespazio and others), helicopters (AgustaWestland and Bell Augusta Aerospace) and defence (including AMS, MBDA and Galileo Avionica).
But it also has stakes in Ansaldo Energia (electrical generation systems and components), Ansaldo Breda, Ansaldo Trasporti Sistemi Ferroviari and Ansaldo Signal in urban and railway transport systems, and Elsag in information technology.
Finmeccanica is not planning to divest its 18% indirect shareholding in ST Microelectronics (semiconductors), as this is its war chest for new acquisitions. "We sold 3% of our holding in STM in 2001 and got g1 billion [$1.1 billion], with which we bought Marconi Mobile Defence Communications, Telespazio and Aermacchi," says Finmeccanica. The group recently agreed to join US investment group Carlyle to buy engine maker FiatAvio from the troubled automobile company.
Source: Flight International
