Italian defence and aerospace
giant Finmeccanica is seeking a partner to help "strengthen" its
American defence subsidiary DRS Technologies, Chief Executive
Officer Mauro Moretti said Wednesday.
"(We must) find a way to strengthen the company, including
through a partner, in order to start growth," Moretti said while
presenting Finmeccanica's new business plan to financial
analysts.
The Italian company is finding with DRS that "there are
difficulties in managing the company effectively in the US
defence market if you are not a domestic player," said Moretti.
Other measures Finmeccanica intends to take to shore up DRS
include selling "non-core" assets.
Meanwhile, Moretti is also said to be in talks with Japan's
Hitachi and China's Insigma as he continues efforts to sell
Finmeccanica's unprofitable AnsaldoBreda unit, which produces
trains, and its stake in Ansaldo STS, which produces railway
signaling equipment.
"There are no more sacred cows," Moretti said as he
outlined measures to save up to 150 million euros by 2019
through increased efficiency
That is part of the company's new industrial plan aimed at
"strengthening the core business, high-technology, aerospace,
defence, and security," he said.
Shortly before closing Wednesday on the Milan financial
market, Finmeccanica shares were trading up 2.49% at 9.25 euros.
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