Martedì, 25 Settembre 2018
ROME

Finmeccanica says jobs won't be lost in ansaldo sales

English
© ANSA

(ANSA) - Rome, August 1 - Selling Ansaldo Energia and
Ansaldo STS will not lead to job cuts in these businesses,
Giuseppe Orsi, CEO of parent company Finmeccanica said during
audience Wednesday in the Italian Senate.
Eventual sales of Ansaldo STS, a leading producer of
signaling-systems for the rail transport industry, and Ansaldo
Energia, a player in nuclear power, "will not lead, based on our
approach, to either job losses - on the contrary - or to
technology loss," Orsi said during the audience.
Orsi also noted that the group wasn't generating enough
cash flow to be able to sustain an investment grade rating.
"The relationship between cash generation and debt does not
pass the threshold required for investment grade".
However, he pointed out that the decision to sell the
Ansaldo units isn't based on the need "to generate cash,"
rather, a consequence of the eventual sales.
"The motivation [for the sales]," Orsi said during the
hearings, "are of a strategic nature".
Orsi also pointed out that Finmeccanica remains on track to
generate some one billion euros in cash from disposals this
year, including from the rail operations.
Stock-listed Finmeccanica, once one of the star's of
Italian industry, has been battered by the ongoing economic
crisis and by a corruption scandal last year which led to the
resignation of its then chairman and chief executive, Pierluigi
Guarguaglini.
Last year the company reported a 2.3 billion euro loss on
17.3 billion euros in revenues as charges related to losses in
several of its programs weighed on the bottom line.

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