Finmeccanica: One company, ready to go

Rome - Finmeccanica has finally approved the reorganization of the group on the model of “one company”, already announced in the summer. The process will be completed and operational by next January as Mauro Moretti, the helmsman of the group, explained in recent weeks. Mr. Moretti has strongly supported the reorganization which includes mergers by incorporation of OTO Melara and Whitehead Underwater Systems into the parent company, as well as the partial spin-offs, Alenia Aermacchi, AgustaWestland and Selex ES. The new company will therefore restructure from a series of wholly-owned subsidiaries into a series of divisions, coordinated by sectors and led by new managers directly chosen by Moretti.

The okay came after the meeting of the board, and the companies involved in the reorganization are all wholly owned by Finmeccanica. The plans, which had already been announced on 30 July, according to a Finmeccanica press release announcing the news, form part of a wider reorganization process undertaken by the company: the adoption of a divisional model (New Organizational and Operating Model). The mergers and spin-off will be submitted in the coming days to the special shareholders’ meetings of the companies involved and, once the time period prescribed by law has passed, it will then proceed to the complete the process of mergers and creating divisions. “We are focused on creating a single company out of the many we have, and the process will be formally finalized on 31 December 2015,” said CEO and Group General Manager from Rimini: “From 1 January, 2016 there will be a new Finmeccanica, one single company.” The new company will be made up of four sectors (that respond directly to the CEO) that will coordinate the seven divisions as well as joint ventures and other holdings. The new model “allows us to be more efficient and effective and to dedicate key resources in key markets,” said Moretti presenting the new project and pointing out that it’s not a question of erecting new structures and “extra bureaucracy,” but integrating and centralizing to achieve “real change.”

One aspect that has already emerged from the strategy of the new group is the strengthening in key markets (from the Middle East to the Pacific coast of Central America, from the Middle East to North and Sub-Saharan Africa) and the focus on production and sale of “great products”.