Mercoledì, 17 Ottobre 2018

Finmeccanica CEO says restructuring aimed at integration


Paris, June 17 - The chief executive of Italian
defence and transport conglomerate Finmeccanica on Monday
announced that its ongoing restructuring plan is aimed at
reinforcing company books, integrating group subsidiaries, and
preparing the company for eventual mergers with outside
"Finmeccanica is becoming a solid and stable company, and
all this restructuring is happening without increasing turnover,
but only by cost-cutting," said Finmeccanica CEO Alessandro
Pansa speaking at the Paris Air Show.
The Italian State owns a 30% stake in the troubled defence
and transport giant, which reported losses of 786 million euros
on revenues of 17.2 billion euros in 2012, and has been dogged
by a corruption scandal involving the sale of helicopters to
India by subsidiary AgustaWestland.
Regarding restructuring at Finmeccanica, Pansa said the
group should no longer be a "confederation" of companies, but "a
union" that "involves every part and moves forward together as a
The restructuring plan for electronic data technologies
subsidiary Selex Es, alone, calls for 2,000 layoffs.
Pansa called the redundancies "the only path for
revitalizing and giving a future to the sector" adding that the
plan was "the least invasive for the workforce that could be
"I have nothing to reproach myself for, and I am certain
that the unions, who are aware and absolutely competent on how
the company is doing, will know to be understanding," Pansa went
Pansa said that in addition to integrating the companies
within the group, Finmeccanica was preparing for eventual merger
opportunities from outside.
"I believe that (the plan) goes toward reinforcing the
group so that it is ready for any merger that could present
itself," he said.
Pansa said that he himself had "nothing against Italian
assets being sold to foreigners," and that to him, foreign
investment would be "welcome".
Pansa cautioned, however, that foreign entry into a
traditional stronghold of Italian industry was likely to meet
political resistance.
"One cannot complain about the lack of foreign investment
if Vajont dams are then raised against foreign capital," quipped
Pansa, making reference to Italy's tallest dam, now in disuse
due to a disastrous chapter in the history of Italian
Engineering and geology miscalculations contributed to a
massive landslide in 1963, just four years after completion,
displacing enough water to create a 200-metre tall wave that
crashed through the Piave valley below, killing about 2,000

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