Thu, Mar. 17, 9:40 AM
- Finmeccanica (OTCPK:FINMY) is seeking to rebrand itself as Leonardo, picking the name of the Renaissance inventor in an attempt to restore its reputation after several corruption scandals.
- The move had been expected since it was first reported in the FT last year, but CEO Mauro Moretti had wanted to wait until the company's financial performance had improved to make the transition.
- The name change was announced as Finmeccanica reported an increase in its net profit from €20M in 2014 to €527M last year.
Mon, Feb. 22, 2:58 PM
- Raytheon (RTN +0.8%) says it will team up with Italian aircraft maker Finmeccanica (OTCPK:FINMF) to compete for a contract to build hundreds of new training jets for the U.S. Air Force.
- The Air Force is expected to award a deal next year to build an initial 350 planes to replace aging T-38 training jets, and analysts expect international sales could expand the potential value of the T-X program to ~$15B.
- At least four U.S. defense companies are expected to submit bids, with only Northrop Grumman (NOC +0.8%) pushing a homegrown model; RTN, Boeing (BA +2.2%) and Lockheed Martin (LMT +0.8%) will present foreign-designed aircraft.
Nov. 10, 2015, 11:09 AM
- The United Arab Emirates' Ministry of Defense has signed a memorandum of understanding with Anglo-Italian helicopter firm AgustaWestland to buy three AW609 tilt-rotor aircraft for search and rescue operations.
- AgustaWestland, a wholly owned subsidiary of Finmeccanica (OTCPK:FINMY), said it expected delivery of the planes to start in 2019, including options for three more aircraft.
Nov. 5, 2015, 3:21 PM
- Oilfield helicopter operator Era Group (ERA -12.3%) sinks to 52-week lows after Q3 earnings and revenue fall well short of expectations, highlighting the spread of the energy industry’s downturn beyond traditional oilfield services companies.
- Era says it has amended existing contracts allowing it to defer deliveries of helicopters used to transfer workers and cargo to and from offshore platforms, delay deposits or even cancel deals altogether.
- Era says it may terminate deals worth ~$127M of its existing $175M in capital commitments; the company has outstanding orders for 17 helicopters, including 14 from Finmeccanica (OTCPK:FINMF) and three from Sikorsky, the United Technologies unit that soon will join Lockheed Martin after closing a $9B sale.
Oct. 26, 2015, 7:08 PM
- Fresh off its political victory, Canada's incoming Liberal government will totally restart a competition for fighter jets, as incoming Prime Minister Justin Trudeau had suggested.
- The country is looking to replace its aging CF-18 aircraft, and the outgoing Conservatives had proposed buying Lockheed Martin's (NYSE:LMT) F-35 stealth fighters. But a Liberal source says the party will put out a new request for proposals with a new set of requirements for the craft when it takes power Nov. 4.
- The competition will be fresh, the source suggested, rather than simply going with another choice like Boeing's (NYSE:BA) F/A-18E/F jets. Those jets are expected to end production by 2019 if not earlier, and Canada's reset could mean that choosing the CF-18's replacement could take years.
- Other contenders: Dassault Aviation (OTC:DUAVF), Saab (OTC:SAABF), and a combination of BAE Systems (OTCPK:BAESY), Finmeccanica (OTCPK:FINMY) and Airbus (OTCPK:EADSY).
- Lockheed is down 0.7% after hours; Boeing is up 0.2%.
- Previously: F-35 jet cost to rise if Canada skips orders (Oct. 22 2015)
- Previously: Trudeau's election threatens Canada's F-35 program (Oct. 21 2015)
Aug. 16, 2015, 11:15 AM
- Villagers in the Oktabe District of Papua have reported an aircraft crash, several hours after a Trigana Air flight carrying 54 people went missing.
- Reports indicate that weather in the mountainous region was "very bad" at the time the plane went down.
- The aircraft involved in the crash is a twin-turboprop ATR 42-300, built by Airbus (OTCPK:EADSY) and Alenia Aermacchi (OTCPK:FINMY).
Jul. 27, 2015, 9:14 AM
- Finmeccanica (OTCPK:FINMY) is no longer looking to sell DRS Technologies due to the improved performance and brighter outlook of the U.S. electronics business.
- Separately, Finmeccanica said in a statement it had signed a contract worth a few hundred million euros to supply Qatar's army with an air surveillance and defense system.
Jun. 9, 2015, 7:44 AM
- Marking the end of a hard-fought competition, Germany has decided to buy the MEADS missile defense system built by European defense group MDBA and Lockheed Martin (NYSE:LMT), instead of the Patriot system built by Raytheon (NYSE:RTN).
- The deal that could be worth up to $4.5B to the companies involved.
- MBDA is a consortium that includes Finmeccanica (OTCPK:FINMY), Airbus Group (OTCPK:EADSY) and BAE Systems (OTCPK:BAESY).
- Previously: Lockheed, Raytheon compete for European missile deals (Mar. 04 2015)
Feb. 24, 2015, 10:00 AM
- Further expanding its transportation business overseas, Hitachi (OTCPK:HTHIY -1.7%) has agreed to pay $1B for two units from Finmeccanica (OTCPK:FINMY -2.7%), which is looking to concentrate on its core aerospace and defense businesses.
- Hitachi will pay €773M ($876.1M) for Finmeccanica’s 40% stake in rail signaling operator Ansaldo and €36M for its unprofitable train manufacturer AnsaldoBreda.
- Following the closing of the deal, Hitachi will launch a mandatory tender offer on Ansaldo’s publicly traded shares, potentially boosting its total payout to as much as $2.5B.
- Previously: Hitachi confirms bid for Finmeccanica train-making, signal assets (Dec. 17 2014)
Feb. 2, 2015, 7:07 AM
- Airbus (OTCPK:EADSY) is looking to take control of the European missile company MBDA after Finmeccanica (OTCPK:FINMY) puts its stake up for sale, reports the Sunday Times.
- The European aircraft maker wants to add Finmeccanica's 25% holding in the company, which supplies more than 90 countries with weapons, to its 37.5% stake.
- The next part of the deal could be complicated, forcing the hand of MBDA’s third shareholder, BAE Systems (OTCPK:BAESY).
Dec. 30, 2014, 7:30 AM
- Embarking on a $41B program to modernize its armed forces by 2022, Poland has received several bids in a $3B military helicopter tender, and expects to sign a final deal in the second half of 2015.
- Sikorsky Aircraft (NYSE:UTX), Airbus (OTCPK:EADSY) and AgustaWestland, a unit of Italy's Finmeccanica (OTCPK:FINMY), are among the bidders.
- Poland is aiming to increase defense spending, currently at 1.95% of its GDP, to NATO's 2% target in 2016.
Dec. 17, 2014, 11:05 AM
- A Hitachi (OTCPK:HTHIY) exec has confirmed a company bid for Finmeccanica's (OTCPK:FINMY) train-making unit AnsaldoBreda and a 40% stake in its rail signaling company Ansdaldo.
- Chief Operating Officer Toshiaki Higashihara declined to comment on the bid price, but the Nikkei previously reported that the offer was likely worth around $1.7B.
- Finmeccanica said on Tuesday it had received an offer from Insigma for AnsaldoBreda.
Oct. 30, 2014, 11:33 AM
- United Technologies' (UTX -0.4%) Sikorsky Aircraft unit says it is pulling out of the bidding for a $3B contract to supply helicopters to the Polish military.
- Sikorsky says it is withdrawing because it would have been impossible to deliver their Black Hawk helicopters according to the tender requirements.
- Sikorsky (OTCPK:EADSF, OTCPK:EADSY) was competing with Airbus Group and AugustaWestland, owned by Finmeccanica (OTCPK:FINMF), for a deal to supply 70 machines.
Sep. 23, 2014, 7:53 AM
- Finmeccanica's (OTCPK:FINMY) AgustaWestland unit has sued the U.S. Army over its recent plans to purchase 155 helicopters built by Airbus (OTCPK:EADSY).
- AgustaWestland says that its own helicopters would be cheaper to buy and operate and has asked a U.S. Court of Federal Claims in Washington to issue a temporary restraining order barring the Army from awarding the contract to Airbus.
Sep. 11, 2014, 9:54 AM
- Airbus (OTCPK:EADSY -0.6%) CEO Fabrice Bregier lashed out at the German government this morning for its restrictive export policy on defense goods, saying it could prevent international partners from cooperating on future defense projects.
- "While there are lofty speeches being made that talk about more cooperation and consolidation in European defense, the axe is being swung at decades of Franco-German cooperation," says Bregier.
- Previously, French paper Les Echos reported that Germany was blocking a contract for MBDA to supply a Gulf state with the Milan ER anti-tank missile.
- Shareholders in MBDA include, Airbus, BAE Systems (OTCPK:BAESF) and Finmeccanica (OTCPK:FINMF).
Aug. 15, 2014, 2:35 PM
- Canada's Bombardier (OTCQX:BDRBF, OTC:BOMBF) and Japan's Hitachi (OTCPK:HTHIY) are the two frontrunners to buy the cash-strapped rail subsidiaries of italy's Finmeccanica (OTCPK:FINMF), Reuters reports.
- Finmeccanica has been trying to sell its cash-strapped train division together with its profitable rail signals business for three years to help reduce net debts of €4.8B ($6.4B).
- Bombardier is said to be well-placed to win because it already works with the AnsaldoBreda train division in the development, production and sale of the new Frecciarossa 1000 train.
Currently, there's no company description for FINMF.
Industry: Aerospace/Defense Products & Services
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