Dismissing talk of a possible takeover of Vitrociset by foreign investors, the majority shareholder of the Italian aerospace company, Edoarda Crociani, says she is seeking partnerships with overseas companies, including possible equity participation.
Vitrociset operates in the air traffic control (ATC), defence and space sectors and has been providing radar maintenance and support to civil and military Italian airports for 30 years. Last year, together with Datamat, it won an Italian air force outsourcing contract worth c65 million ($70 million) to provide logistic support for the Eurofighter Typhoon.
In 2002 the company posted a 20% increase in group sales to c220 million, with net profit likely to increase to c20 million compared with c15 million in 2001. With an order backlog of c500 million, Vitrociset is expecting a 15% increase in sales this year.
According to Crociani, both Italian and foreign companies have expressed interest in investing in the company. Three years ago Finmeccanica, a 10% Vitrociset shareholder through Alenia Marconi Systems, entered talks on increasing its holding but the pair failed to reach agreement.
More recently other companies have established contact, including, say industry sources, Thales of France and EADS, though the latter is interested only in parts of Vitrociset's activities.
Crociani says her company has been approached by undisclosed US firms, and that Vitrociset is itself interested in acquiring other "niche" companies to increase their hold on the market.
In 2004, Vitrociset faces the renewal of its ATC radar maintenance and support contract and the board and newly appointed president, Gen Mario Arpino, are looking for a strong alliance to form a consortium to rebid for the work. They hope to bring on board Italian air traffic services provider Enav together with Alenia Marconi Systems.
Source: Flight International
