"Guillaume Faury, chief executive of Airbus, Roberto Cingolani, chief executive of Leonardo and Patrice Caine, chief executive of Thales, said in a joint statement that the new company marked a pivotal milestone for Europe's space industry. By pooling our talent, resources, expertise and R&D capabilities, we aim to generate growth, accelerate innovation and deliver greater value to our customers and stakeholders, they said."
"The deal is expected to create a company with annual revenue of about 6.5bn (5.6bn). The French aerospace company Airbus will own 35% of the new business, with Leonardo and Thales each owning stakes of 32.5%. The as-yet-unnamed tie-up will be one of the largest of its kind in Europe, combining satellite manufacturing, space systems, components and services from the continent's leading aerospace and defence manufacturers."
Airbus, Leonardo and Thales will merge their space businesses to form a single European technology company aiming to compete with major global players. The combined firm is expected to generate about €6.5bn in annual revenue and will be owned 35% by Airbus and 32.5% each by Leonardo and Thales. The headquarters will be in Toulouse and the workforce about 25,000, with an operational target of 2027 pending regulatory approval. The companies expect mid-triple-digit millions of euros in annual operating-income synergies after five years. There are no immediate site closures or job losses planned while unions are consulted. Talks began last year in part to mimic the MBDA ownership model. Recent underperformance has led to charges and job cuts in their space divisions.
Read at www.theguardian.com
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