Non-Subscriber Extract
Paris Air Show: Finmeccanica bullish about US expansion
By Keri Wagstaff-Smith
16 June 2009
Italian defence aerospace group Finmeccanica is confident of opportunities to expand organically in the United States, despite the ongoing recession, as evidenced by its USD5.2 billion acquisition of DRS Technologies that occurred at the height of the financial crisis.
Outlining the group's target markets during a 15 June press briefing at the 2009 Paris Air Show, Finmeccanica Chairman and Chief Executive Officer Pier Francesco Guarguaglini said that, through acquisitions and internal, or organic growth, Finmeccanica has "entered the top 10 world defence ranking" and that, "despite the churn [recession]", it will "further expand in the US".
Guarguaglini noted: "We acquired DRS [Technologies] at the peak of the turbulence." He described this purchase as "extremely important" because it "means that we are now considered a defence and security integrated systems group in the US".