Under Finmeccanica’s “One Company” initiative, AgustaWestland will become Finmeccanica-Helicopters. Finmeccanica Photo
Finmeccanica, the leading Italian industrial group operating in the high-technology marketplace, is becoming a single entity, the result of a divisionalization process that was launched by the CEO and general manager Mauro Moretti in June 2014.
From Jan. 1, 2016 as per the timeframe set out by the industrial plan, Finmeccanica will become one organization operating in aerospace, defense and security. Finmeccanica will have a new governance and operating model, organized into four sectors and seven divisions, replacing the previous model of a holding company of separately controlled businesses.
“We are extremely proud of the work we have done, which has allowed us to introduce the new organizational and operational model of the group within the established timeframe,” said Moretti. “The divisionalization will increase the efficiency and effectiveness of Finmeccanica’s activities, reducing management costs by maximizing economies of scale and synergies. As a unified entity, Finmeccanica consolidates its competitive position in the increasingly complex global aerospace, defense and security market, bringing to bear leadership in technology and products, leadership that is strengthened by being part of a single large international industrial group.”
From May 15, 2014, when the new board of directors was appointed, Finmeccanica’s new path and the One Company model have been received positively by the international financial markets: on Dec. 22 the shares of the company have increased by around 120 percent on the stock market. Finmeccanica’s growth path is also highlighted by the results achieved in the first nine months of 2015, which showed an increase in EBITA and EBIT, 45 percent and 84 percent respectively compared to the first nine months of 2014, with a net result before extraordinary transactions positive for EUR 150 million, compared to a negative 54 million in the first nine months 2014.
Following the progress achieved in 2015, and the launch of the one company model, Finmeccanica is ready and determined in 2016 to maintain its efforts to keep its business healthy, in order to ensure the continued development of its core activities and related performance.
Finmeccanica’s new organizational structure is based on four sectors and seven divisions.
The four sectors:
• Electronics, Defence & Security Systems
The seven divisions:
• Airborne & Space Systems
• Land & Naval Defence Electronics
• Defence Systems
• Security & Information Systems
The change in governance involves the centralization of the management and control systems, while the divisions will be responsible for business delivery and will be given the powers to ensure complete end-to-end management of its scope of activity, with full responsibility for financial performance. The sectors will be responsible for strategic coordination.
Finmeccanica will be more consistent, cohesive and efficient by centralizing and integrating all its processes.
Finmeccanica will operate exclusively in the aerospace, defence and security sector, as a result of the disposal process of non-core activities completed in 2015.
UPDATE, Dec. 30
: Finmeccanica tweeted
, “@AgustaWestland brand will continue to be used for #Finmeccanica helicopters, the best in class products worldwide” and a company spokesperson confirmed to Vertical
that “the AW name will remain at the product level (AW139, etc.).” Finmeccanica also tweeted
, “@AgustaWestland Twitter account will be renamed #Finmeccanica-#Helicopters in order to better represent the #OneCompany from 1 January 2016”. The AgustaWestland.com website redirects to Finmeccanica.com, where the AgustaWestland name is not evident.