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Planet of the telephones
The giant defence contractor in Italy takes an important measure in its restructuring
IT TOOK over three years, but on February 24th Finmeccanica, Italy’s state controlled defence and aerospace group, said it had found a buyer for its railway companies. Hitachi, a Japanese conglomerate, will pay EUR773m ($876m) for Finmeccanica’s 40% position in Ansaldo STS, a railway-indicating business recorded on Milan’s stock exchange, and EUR36m for AnsaldoBreda, a trainmaker (and lossmaker) completely possessed by Finmeccanica.
The deal will make Hitachi the fourth-largest firm in the train-gear business globally, behind Bombardier of Canada, Siemens of Germany and Alstom of France. For Finmeccanica it indicates an important step in the industrial strategy it announced in January, following the appointment last year of a new chief executive, Mauro Moretti.
Saddled with debt and reeling from a number of corruption scandals, …<div group="og_rss_groups"></div>