BAE Systems and Finmeccanica unveil World Class defence systems business
26 Apr 2001 | Ref. 059/2001
BAE Systems and Finmeccanica today announced the signing of their agreement on the development of their partnerships around Alenia Marconi Systems (AMS), including their interests in the enlarged missiles company MBDA
BAE Systems and Finmeccanica have agreed to:
* Contribute the AMS missiles activities to MBDA;
* Strengthen AMS with the transfer of BAE Systems Combat and Radar Systems Ltd (CARS) to AMS, creating a £1.3 billion turnover business. The CARS businesses include surface-based radar, such as the Sampson active phased-array system, naval combat management systems, and land systems applications.
AMS will continue to be a 50/50 joint venture between BAE Systems and Finmeccanica, specialising in land-based and naval radar, command and control systems, simulation and training and air traffic management. It will be led by David Singleton as CEO and Antonio Bontempi as Deputy CEO.
As BAE Systems is transferring CARS into AMS, Finmeccanica will invest a similar amount to maintain its 50% shareholding.
BAE Systems chief executive John Weston said: "This exciting development will create a much stronger and more capable European defence systems company with sales of more than ?1 billion and some 8,000 employees in the UK and Italy."
Finmeccanica chairman and chief executive Alberto Lina said: "We have created a world-beating organisation with leading-edge technology, a highly skilled workforce and significant growth opportunities."
The partners reaffirmed their intention to develop and strengthen the current technological and manufacturing competencies in each country.
The transaction remains subject to approval by regulatory authorities, which is anticipated to be later this year.
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