Leonardo announced the finalization of an agreement to sell its Underwater Armaments Systems (UAS) division to Fincantieri on Thursday. “The disposal of the Underwater Armaments Systems is part of the plan of rationalizing Leonardo’s business portfolio,” said Roberto Cingolani, CEO...
To read the full article, please log in or enter your email below:
Leonardo announced the finalization of an agreement to sell its Underwater Armaments Systems (UAS) division to Fincantieri on Thursday.
“The disposal of the Underwater Armaments Systems is part of the plan of rationalizing Leonardo’s business portfolio,” said Roberto Cingolani, CEO and MG of Leonardo in the company’s press release.
“The initiative gives further emphasis to the cooperation between Leonardo and Fincantieri, within the framework aimed at achieving more effective defence and global competitiveness,” he added.
The deal involves a fixed payment of €300 million, with the potential for an additional €115 million based on performance targets for 2024. The total value of the deal could reach up to €415 million.
The Italian shipyard has also been reported to increase its capital by €400 million in order to finance the transaction.
The UAS, formerly known as Whitehead Alenia Sistemi Subacquei (WASS), was a subsidiary of Leonardo which has a long history specializing in submarine defence systems, particularly torpedoes, countermeasures, and sonars.
After WASS merged with Leonardo and became UAS in early 2016, it held a 50% stake in GEIE EuroTorp, a joint venture with Naval Group and Thales, focused on the MU90 light torpedo. Operating from Livorno and Pozzuoli, its business generated approximately €160 million in revenue and €34 million in EBITDA in 2023.
Under Fincantieri, UAS will continue developing and manufacturing its underwater defence technology, further strengthening the Italian shipbuilder’s portfolio in the sector which it believes will be worth around €100 billion in the next few years.
The transaction is anticipated to close in early 2025 pending regular regulatory approvals.
Horizon Aircraft, developer of one of the world’s first hybrid-electric VTOL (Vertical Take-Off and Landing) aircraft, has partnered with Motion…
The Malaysian Army (Tentera Darat Malaysia or TDM) has confirmed its commitment to the Lipan Bara High Mobility Armoured Vehicle…
US defence technology leader, Anduril Industries, has officially expanded its operations into Japan, announcing plans to explore establishing a local…
The Australian Army has reached a significant operational milestone, successfully conducting the first live firing of the new AS9 Huntsman…
JEKTA, the Switzerland-based manufacturer of the zero-emissions Passenger Hydro Aircraft - Zero Emissions 100 (PHA-ZE 100) amphibious aircraft, has revealed…
In the largest defense export deal in the country's history, Israel on Wednesday handed over the Israel Aerospace Industries (IAI)-produced…
South Korea has begun work on a next-generation 35-ton-class reusable methane rocket engine, with Korean Air and Hyundai Rotem leading…
The Philippine Coast Guard will send for the first time one of its flagship vessels to participate in next year’s…
Saab has received a first order from the Spanish Army for Individual Duel Simulation systems. This entails a mix of…
The Royal Malaysia Police (RMP)'s paramilitary wing, the General Operations Force (PGA), has initiated a major small arms modernisation drive,…
The Royal Thai Air Force (RTAF) has taken a significant step in upgrading its national air defence capabilities by securing…
US aerospace company Astrobotic has been selected by NASA for a new technology project that could change the way we…
Japan is quietly talking with its ally Manila about a possible export of the Type 03 Chu SAM medium-range surface-to-air…
The Philippine Navy commissioned its advanced vessel, the BRP Diego Silang, marking a milestone in its efforts to strengthen maritime…
Türkiye’s indigenous unmanned jet-powered combat aircraft, Bayraktar KIZILELMA, has successfully destroyed a jet-engine powered aerial target using a beyond-visual-range (BVR)…
The government of Malaysia has clarified that its Defence Ministry is not participating in the construction of a proposed assembly…
Taiwan’s path to acquiring a domestically built submarine has hit a significant milestone — but one now marked by delay.…
China’s People’s Liberation Army Navy (PLAN)’s 989 Task Group has completed a high-profile port call at Malaysia’s Port Klang, signalling…
The Armed Forces of the Philippines and the French Armed Forces concluded a bilateral maritime cooperative activity on Nov. 28…
A total of 84 Philippine Airlines and Cebu Pacific flights were canceled Saturday after Airbus issued a technical advisory affecting…
The landscape of dismounted soldier lethality and situational awareness took a significant leap forward this week at the Military Communications…
Air France-KLM plans to recruit more than 1,000 permanent employees in France within its Maintenance division by the end of…
EDGE Group entity EPI and Etihad Engineering are collaborating for aircraft component machining capabilities, including MRO activities for aircraft wheel…
Analysis of a recent event involving an A320 Family aircraft has revealed that intense solar radiation may corrupt data critical…
Viettel Software Investment and Technology, a member of Viettel Group, has signed an agreement with Vietnam Airlines to develop a…
Kuala Lumpur has affirmed a substantial initial financial commitment to its long-anticipated 155mm Self-Propelled Howitzer (SPH) acquisition, underscoring a decisive…
The Asia-Pacific aviation sector commenced the final quarter of 2025 on a strong footing, reporting healthy growth in international passenger…
Vietnamese low-cost carrier Vietjet has announced the strategic resumption of direct services from Hanoi and Ho Chi Minh City to…
Leonardo on Sunday unveiled “Michelangelo Dome” at the Officine Farneto in Rome, introducing a new, advanced integrated defence system designed…
Exail announces the launch of production of the sixth steering console for the JangBogo III program, continuing a partnership of…
Headquartered in Singapore with reporters spread across all major regions, GBP Aerospace & Defence is a leading media house that publishes three publications that serve the aerospace and defence sector - Asian Defence Technology, Asian Airlines & Aerospace and Daily News. Known industry-wide for quality journalism, GBP Aerospace & Defence is present at more international tradeshows and exhibitions than any other competing publication in the region.
For over three decades, our award-winning team of reporters has been producing top-notch content to help readers stay abreast of the latest developements in the field of commercial aviation, MRO, defence, and Space.
Copyright 2024. GBP. All Rights Reserved.
Home Defence & Security Space Commercial Aviation Maintence Repair & Overhaul Daily News Events About Us
2025 GBP all rights reserved.