Finmeccanica

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Finmeccanica
Società per azioni
Traded as BITFNC
Industry Aerospace, defence
Founded 1948; 67 years ago (1948)
Headquarters Rome, Italy
Key people
Giovanni De Gennaro (Chairman)
Mauro Moretti (CEO)
Products Aeronautics, helicopters, space, electronics, defence systems, transportation
Revenue € 15.62 billion (2014)[1]
Profit € 20 million (2014)[1]
Number of employees
54,380[2]
Website www.finmeccanica.com

Finmeccanica S.p.A. is the leading industrial group in the high-technology sector in Italy and one of the main global players in aerospace, defence and security. It operates in seven sectors: aeronautics, helicopters, space, electronics, defence systems, transportation and construction. The company has offices in over 100 countries. It is partially owned by the Italian government, which holds about 30% of Finmeccanica's shares.

History[edit]

The company was established in 1948 as a subholding for mechanical industry of state owned IRI. Finmeccanica has held for years some historic Italian enterprises, such as Alfa Romeo (automobile), Aeritalia (aerospace) and Ansaldo (engineering). From 1960s to 1980s Italy's defence and aerospace industry was split in different state-holding entities: so EFIM owned the helicopters manufacturer Agusta, the defence company Oto Melara and the electronic enterprise Officine Galileo, whereas STET (another IRI subsidiary) held Selenia, Elsag and SGS Thomson, all electronic enterprises with specializations in security and defense. In 1989 an internal IRI reorganization process brought STET electronic enterprises to Finmeccanica, that from Aeritalia-Selenia merger made up its aerospace subsidiary Alenia. In 1992 EFIM wound up because of troubled financial situation; so Agusta, Oto Melara, Officine Galileo and Breda passed to Finmeccanica, which became one of the most important Italian industrial groups.

Finmeccanica, which was previously fully state owned by IRI, went under a privatization process in 1993, when it was listed in Milan Borsa Italiana.

In 1992 Finmeccanica's Agusta became a 32% partner in NHIndustries, the prime contractor for NH90 helicopter, along with Eurocopter (62.5%) and Fokker (5.5%). In July 2000 Finmeccanica and the British GKN agreed to merge their respective helicopter subsidiaries (Agusta and GKN-Westland Helicopters) to form AgustaWestland. In December 2001 the missile business of Alenia Marconi Systems (AMS), a joint Finmeccanica/BAE Systems company, was merged with other European missile manufacturers to form MBDA which thus became the world's second largest missile manufacturer.[3] In July 2003 Finmeccanica and BAE Systems announced their intention to set up three joint venture companies, to be collectively known as Eurosystems. These companies would have pooled the avionics, C4ISTAR and communications businesses of the two companies.[4] In March 2007 BAE Systems sold its 25% share to Finmeccanica for €400 million.[5] In January 2013 the company merged with Finmeccanica's other defence electronics companies, SELEX Elsag and SELEX Sistemi Integrati, to become Selex ES.

In May 2008 Finmeccanica announced its intention to purchase the U.S. defense contractor DRS Technologies for nearly $5.2 billion. On 22 October 2008 the sale of DRS Technologies was finalized.[6] In October 2013, Finmeccanica reached a deal to sell a majority stake in power engineering company Ansaldo Energia to state lender Cassa Depositi e Prestiti.[7]

Organization[edit]

Aeronautics
Helicopters
Space
Defence and security electronics
Defence systems
Transportation
Engineering and construction

Shareholder structure[edit]

As of 23 December 2014, Finmeccanica's largest shareholder was Italian Ministry of Economy and Finances with 32.45%. Other declared shareholdings at this date were FMR LLC (2.13%) and Libyan Investment Authority (2.00%).[8]

References[edit]

  1. ^ a b "Annual Report 2013". Finmeccanica. 
  2. ^ Finmeccanica, people in the world
  3. ^ "EADS, BAE and Finmeccanica Complete MBDA Merger". Defense Daily International. 2001-12-21. the new MBDA, the world's second largest missile manufacturer behind Raytheon 
  4. ^ "BAE ties up £2.6bn Italian deal". BBC News. 3 June 2003. Retrieved 13 September 2007. 
  5. ^ Parmalee, Patricia J. (9 April 2007). "Selex Sale Sealed". Aviation Week and Space Technology (The McGraw-Hill Companies). 
  6. ^ "Finmeccanica completes $5.2B DRS buy". The Business Journal of Milwaukee. 22 October 2008. 
  7. ^ Giuseppe Fonte (4 October 2013). "Finmeccanica agrees to sell Ansaldo Energia to state fund". Reuters. 
  8. ^ "Azionisti rilevanti di FINMECCANICA SPA". Commissione Nazionale per le Società e la Borsa. Retrieved 27 December 2014. 

External links[edit]