Finmeccanica

Finmeccanica
Carlo Dani · CC BY-SA 4.0 · source
Name	Finmeccanica
Type	Public
Industry	Aerospace, Defence, Security
Founded	1948
Founder	Italian Government
Defunct	2016 (rebranded as Leonardo S.p.A.)
Headquarters	Rome, Italy

Finmeccanica was a major Italian conglomerate operating in the fields of aerospace, defence, and security, with significant involvement in the development and production of helicopters, aircraft, and missile systems. The company was founded in 1948 by the Italian Government and was initially known as Istituto per la Ricostruzione Industriale (IRI). Finmeccanica's operations were closely tied to those of other major European defence companies, including EADS (now Airbus) and BAE Systems. The company's products and services were used by various military and civilian organizations, including the Italian Armed Forces, NATO, and the European Space Agency.

● History

Finmeccanica's history dates back to the post-World War II period, when the Italian Government established the Istituto per la Ricostruzione Industriale (IRI) to oversee the country's industrial reconstruction. In the 1950s and 1960s, the company began to expand its operations into the aerospace and defence sectors, through partnerships with companies such as Lockheed Martin and Northrop Grumman. During the Cold War, Finmeccanica played a significant role in the development of NATO's military capabilities, including the production of F-16 Fighting Falcon aircraft and Patriot missile systems. The company also collaborated with other major defence companies, including Thales Group and Raytheon Technologies, on various projects, such as the Eurofighter Typhoon and the A400M Atlas.

● Products and Services

Finmeccanica's product portfolio included a wide range of helicopters, aircraft, and missile systems, as well as various electronic systems and cybersecurity solutions. The company's AgustaWestland division was a leading manufacturer of helicopters, including the AW101 and AW139 models, which were used by military and civilian operators such as the Royal Air Force, United States Coast Guard, and Australian Defence Force. Finmeccanica also produced aircraft such as the M-346 and Aermacchi MB-339, which were used by air forces such as the Italian Air Force, Israeli Air Force, and Royal Air Force of Oman. The company's missile systems division produced various surface-to-air missiles, including the Spada and Aspide systems, which were used by military forces such as the Italian Army and Spanish Army.

● Corporate Affairs

Finmeccanica's corporate affairs were overseen by a board of directors, which included representatives from the Italian Government and other major shareholders, such as Intesa Sanpaolo and Mediobanca. The company's CEO was Mauro Moretti, who previously served as the CEO of Ferrovie dello Stato Italiane. Finmeccanica was also a member of various industry associations, including the Aerospace and Defence Industries Association of Europe (ASD) and the European Defence Agency (EDA). The company collaborated with other major defence companies, including Boeing, Lockheed Martin, and Northrop Grumman, on various projects and initiatives, such as the F-35 Lightning II program and the NATO Ballistic Missile Defence system.

● Financial Performance

Finmeccanica's financial performance was closely tied to the overall state of the global defence and aerospace industries. In the 2000s and 2010s, the company experienced significant growth, driven by increased demand for its products and services from military and civilian customers such as the United States Department of Defense, NATO, and the European Space Agency. However, the company also faced significant challenges, including increased competition from other major defence companies, such as BAE Systems and EADS (now Airbus), as well as declining demand for certain products, such as manned aircraft. Finmeccanica's financial performance was also affected by various factors, including the 2008 global financial crisis and the European sovereign-debt crisis.

● Controversies and Criticisms

Finmeccanica was involved in several controversies and criticisms throughout its history, including allegations of corruption and bribery in connection with various defence contracts, such as the Indian helicopter bribery scandal. The company was also criticized for its involvement in the development and production of drone systems, which were used by military forces such as the United States Air Force and the Israeli Defence Forces. Finmeccanica's corporate governance practices were also subject to criticism, including allegations of nepotism and cronyism in the appointment of senior executives. The company's environmental and social practices were also criticized, including its involvement in the production of cluster bombs and other controversial weapons.

● Reorganization and Merger

In 2016, Finmeccanica underwent a significant reorganization and merger, resulting in the creation of a new company called Leonardo S.p.A.. The merger involved the combination of Finmeccanica's operations with those of other companies, including AgustaWestland and Oto Melara. The new company, Leonardo S.p.A., is one of the largest defence and aerospace companies in Europe, with a significant presence in the global market. The company is headquartered in Rome, Italy, and is listed on the Borsa Italiana stock exchange. Leonardo S.p.A. continues to operate in the defence and aerospace sectors, with a focus on the development and production of helicopters, aircraft, and missile systems, as well as various electronic systems and cybersecurity solutions. The company collaborates with other major defence companies, including Lockheed Martin, Northrop Grumman, and Boeing, on various projects and initiatives, such as the F-35 Lightning II program and the NATO Ballistic Missile Defence system. Category:Defence companies