Tag Archives: Leonardo

Leonardo Italia lists its DRS subsidiary on the New York Stock Exchange | Instant News

In a statement Friday, the company said it had submitted a “proposed initial public offering of minority shares” with the US Securities and Exchange Commission, and hoped the process would be completed by the end of March.

“By retaining our majority shareholding, we intend to maintain significant exposure in this strategically important market, while continuing to enhance the relationships that have existed for all of Leonardo’s businesses,” Leonardo CEO Alessandro Profumo the word.

Leonardo said he had yet to determine what shares in the company would be listed, with press reports showing between 20 and 30 percent.

A mid-level defense electronics company supplying the US military, DRS lists its main product lines as sensing, electronic warfare, cybersecurity, network computing, communications, power protection, and electric power conversion and propulsion. Leonardo bought the company in 2008 for $ 5.2 billion, setting up a proxy agreement with the US government to allow the company to work on sensitive programs.

“A new proxy agreement is anticipated to be signed with the US Department of Defense to allow Leonardo DRS to continue competing and appearing on top secret programs,” Leonardo said in a statement.

An initial public offering would free up much-needed cash for Leonardo, who saw his debt rise in the first nine months of 2020 to € 5.88 billion (US $ 7.17 billion) from € 4.3 billion in the same period in 2019.

As for DRS, in the first nine months of 2020, the company saw revenues of $ 1.93 billion, up 6 percent year-on-year, driven by additional orders for the production of a new-generation U.S. Army mission command compute system and orders for propulsion control, panels and equipment for ships CVN 80 and CVN 81 for the US Navy.

In 2019, the New Jersey-based company had full-year revenue of $ 2.7 billion, up 17 percent year-on-year.


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Leonardo Italia raised around 2.1 billion euros on the US DRS list: paper | Instant News

ROME (Reuters) – Italian defense group Leonardo will raise about 2.1 billion euros ($ 2.54 billion) from the list of US DRS units on the New York Stock Exchange, the daily Il Messaggero reported on Friday.

FILE PHOTO: A hostess walks past Leonardo’s helicopter logo at headquarters in Vergiate, near Milan, Italy, January 30, 2018. REUTERS / Massimo Pinca

The newspaper said the state-controlled Leonardo will hold a board meeting next week to decide on an initial public offering (IPO), which is expected to be completed in March.

At the request of Italian market watchdog Consob, the group issued a statement saying it was evaluating the possibility of registering DRS.

He added that no official decision on the matter had yet been taken, confirming what sources told Reuters.

The move is intended to support the defense conglomerate’s strategy and increase fresh liquidity and is expected to consist of a sale of 40% stake in Leonardo as well as a cash call, the report added.

In November, Leonardo said it intends to retain control of the unit while assessing various options for US subsidiaries, including NYSE listing.

Leonardo bought DRS in 2008 in a deal that valued the US defense firm for $ 5.2 billion, including $ 1.27 billion in debt, equal to 3.4 billion euros at the time of the acquisition, according to Leonardo’s presentation of the 2008 deal.

Il Messaggero said the DRS was given a total value of close to 3.5 billion euros.

The defense conglomerate was among the top three performers on the Italian blue chip index, posting a 10% gain on the day.

($ 1 = 0.8268 euros)

Reporting by Stefano Bernabei and Francesca Landini; writing by Giulia Segreti; editing by Subhranshu Sahu, David Evans and Jonathan Oatis


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Artificial intelligence expert Leonardo becomes Italy’s ‘green transition’ minister | Instant News

ROME – Italy’s new prime minister has hired the head of technology and innovation at Italian defense firm Leonardo to help rebuild the country’s economy, which has been suffering under the coronavirus pandemic.

Roberto Cingolani, who pioneered cyber and Leonardo’s artificial intelligence program, named on Friday as Italy’s new “green transition” minister, tasked with revitalizing Italian business through environmental initiatives.

He will join the Cabinet inaugurated by Prime Minister Mario Draghi, a former European Central Bank governor who has been called to lead a new national unity government after Italy’s ruling coalition collapsed amid fighting.

Pressure continues to build and run a government as Italy struggles to accelerate its COVID-19 vaccination program and rebuild its economy, which is in its worst decline since World War II.

Part of his recovery will come in the form of more than € 200 billion (US $ 243 billion) in recovery funds released by the European Union, but strings attached. Italy must spend about 37 percent of the fund on efforts that will make economic activity more environmentally friendly – hence the creation of Cingolani’s new ministry will take place.

Cingolani holds a doctorate in physics and worked as an academic in Italy, Japan and the US before establishing the Italian Institute of Technology in Genoa in 2005. He joined Leonardo in 2019, where he focused on digital, sustainability, high-performance computing programs. , AI and robotics.

A well-known critic of the Italian government bureaucracy, Cingolani will now have the opportunity to cut him off as government minister.


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Leonardo Italia will provide a cyber testing and training system to Qatar | Instant News

MILAN (Reuters) – Leonardo Italia has signed a contract with the Qatar Foundation for Education, Science and Community Development to provide cyber security services, the aerospace and defense group said on Wednesday.

Under the agreement, Leonardo will supply the Qatar Computing Research Institute (QCRI) platform to facilitate training of cyber security operators and enable the agency to assess the resilience of digital infrastructure to cyber attacks.

Reporting by Francesca Landini


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Leonardo will invest $ 440 million to upgrade a plant in southern Italy -CEO | Instant News

MILAN, 20 Jan (Reuters) – Leonardo’s aerospace and defense group will invest 360 million euros ($ 436 million) over the next few years to modernize four plants based in southern Italy, Chief Executive Alessandro Profumo said on Wednesday.

Speaking at the digital event, Profumo said the investment was aimed at upgrading factories in Pomigliano and Nola, near Naples, as well as sites in Grottaglie and Foggia, in the Apulia region.

These factories produce components for the C27J military transport aircraft, ATR commercial and military turbo-prop aircraft, as well as parts for Boeing and Airbus aircraft.

This investment, part of a plan dubbed ‘Betomorrow 2030’, aims to make factories more flexible so that the same production line can produce components for a wide range of products, Profumo said.

Profumo added that the state-controlled group will also support investment to reduce the digital divide in southern Italy and increase cooperation with universities through research and innovation. ($ 1 = 0.8262 euros) (Reported by Francesca Landini; Editing by David Gregorio)


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