Leonardo S.p.A., formerly Leonardo-
Finmeccanica and Finmeccanica, is
an Italian global high-tech company and one of the key players in
aerospace, defence and security. Headquartered in Rome, the company
has 180 sites worldwide. It is the ninth largest defence contractor
in the world based on 2014 revenues. The company is partially owned
by the Italian government through the Ministry of Economy and Finance,
which holds 30.2% of the company's shares and is its largest
On 1 January 2016, Leonardo-
Finmeccanica became a single industrial
company by integrating the activities of its subsidiaries
AgustaWestland, Alenia Aermacchi, DRS Technologies, Selex ES, Oto
Melara and WASS. The company is organised into seven divisions
(Helicopters, Aircraft, Aerostructures, Airborne & Space Systems,
Land & Naval Defence Electronics, Defence Systems, Security &
Information Systems) and is also the parent company and corporate
centre for the subsidiaries and joint ventures, Telespazio, Thales
MBDA and ATR. Leonardo-
Finmeccanica is listed on the
Borsa Italiana and is a constituent of the
FTSE MIB and Dow Jones
As of April 2016[update], the company was known by the transitional
name of Leonardo-
Finmeccanica as part of the restructuring process of
the company carried out by CEO
Mauro Moretti from the beginning of his
mandate in 2014. The company changed its name to
Leonardo S.p.A. on 1
January 2017, after the Italian inventor Leonardo da Vinci.
Finmeccanica to Leonardo
1.6 2018-2022 Industrial Plan
2.1 Seats and activities in the world
2.3 Joint ventures
3 Shareholder structure
4 Key budget items (2007–2016)
5 See also
7 External links
The company was established in 1948 as a subholding for mechanical
industry of state owned IRI.
Finmeccanica has held for years some
historic Italian enterprises, such as
Alfa Romeo (automobile),
Aeritalia (aerospace) and Ansaldo (engineering). From 1960s to 1980s
Italy's defence and aerospace industry was split in different
state-holding entities: so
EFIM owned the helicopters manufacturer
Agusta, the defence company
Oto Melara and the electronic enterprise
Officine Galileo, whereas STET (another IRI subsidiary) held Selenia,
Elsag and SGS Thomson, all electronic enterprises with specializations
in security and defense. In 1989 an internal IRI reorganization
process brought STET electronic enterprises to Finmeccanica, that from
Aeritalia-Selenia merger made up its aerospace subsidiary Alenia.
EFIM wound up because of troubled financial situation; so
Agusta, Oto Melara, Officine Galileo and Breda passed to Finmeccanica,
which became one of the most important Italian industrial groups.
Finmeccanica, which was previously fully state owned by IRI, went
under a privatization process in 1993, when it was listed in Milan
In 1992 Finmeccanica's
Agusta became a 32% partner in NHIndustries,
the prime contractor for NH90 helicopter, along with Eurocopter
In July 2000
Finmeccanica and the British
GKN agreed to merge their
respective helicopter subsidiaries (
Agusta and GKN-Westland
Helicopters) to form AgustaWestland. In December 2001 the missile
Alenia Marconi Systems (AMS), a joint Finmeccanica/BAE
Systems company, was merged with other European missile manufacturers
MBDA which thus became the world's second largest missile
manufacturer. In July 2003
BAE Systems announced
their intention to set up three joint venture companies, to be
collectively known as Eurosystems. These companies would have pooled
C4ISTAR and communications businesses of the two
companies. In March 2007
BAE Systems sold its 25% share to
Finmeccanica for €400 million. In January 2013 the company
merged with Finmeccanica's other defence electronics companies, SELEX
Elsag and SELEX Sistemi Integrati, to become Selex ES. In May 2008
Finmeccanica announced its intention to purchase the U.S. defense
DRS Technologies for nearly $5.2 billion. On 22 October
2008 the sale of
DRS Technologies was finalized.
Finmeccanica emails were published by WikiLeaks
Finmeccanica was subject to judicial inquiries on several fronts
and management changes.
Finmeccanica emails published in the
Syria Files release
WikiLeaks on 5 July 2012,
Finmeccanica increased its sale of
mobile communications equipment to Syrian authorities during 2011,
delivering 500 of these to the
Damascus suburb Muadamia in May
2011, after the Syrian uprising had started, and sending
Damascus in February 2012 to provide training in using
the communications equipment in helicopter terminals, while the
Finmeccanica stated that the equipment sales
were legal, they occurred "before the outbreak of conflict inside
Syria", and the equipment "was designed for use by emergency
responders" for civilian use only.
On 12 February 2013, the chief executive, Giuseppe Orsi, was arrested
on corruption charges. Prosecutors alleged that he paid bribes to
ensure the sale of 12 helicopters to the Indian government, when he
was head of the group's
In July 2013, the Letta government appointed former police chief
Giovanni De Gennaro as Chairman of Finmeccanica. In December 2013
Finmeccanica sold 39.55% of its share capital in Ansaldo Energia to
Fondo Strategico Italiano. The remaining 15% of Finmeccanica's share
will be sold by December 31, 2017.
In the first half of 2014, Finmeccanica's new Chief Executive Officer
and General Manager
Mauro Moretti started a process of profound change
for the Group, both in terms of strategic choices and organizational
structure. The goal was to create a more cohesive and efficient group
in which all processes (research, marketing and sales, engineering,
procurement, strategies and governance) are centralized and integrated
and can interact more effectively. This encompasses the 100% owned
companies of the core aerospace and defence business (AgustaWestland,
Alenia Aermacchi, Oto Melara,
Selex ES and WASS) being transformed
into seven new
Finmeccanica divisions. The current holding company
will then become an operating company based on seven major business
areas, maintaining its parent company and corporate centre function
for the Group companies excluded from the model (DRS Technologies,
Telespazio, Thales Alenia Space,
MBDA and ATR).
At the end of 2014,
Finmeccanica transferred its stake in
BredaMenarinibus to the newco Industria Italiana Autobus (20%
Finmeccanica and 80% King Long), thereby taking a further step in the
Group's portfolio rationalization process.
Hitachi signed a binding agreement with
Hitachi's acquisition of the AnsaldoBreda business, excluding some
revamping activities and residual contracts, and of the entire
Finmeccanica stake in the share capital of Ansaldo STS, approximately
40% of the total capital.
FATA, another subsidiary of the
Finmeccanica Group since 2004 that was
not part of the core business, was sold in 2015 to the Gruppo Danieli,
dealing in the production of steel plants.
On 1 January 2016,
Finmeccanica become a single integrated industrial
entity that have absorbed the activities of AgustaWestland, Alenia
Aermacchi, Selex ES, OTO Melara and WASS.
Finmeccanica to Leonardo
A company rebranding operation led by
Mauro Moretti began in March
2016, with a proposal to change the company name. From 1 January 2017
Finmeccanica officially became Leonardo, a name inspired by the
Italian savant Leonardo da Vinci. On 18 March 2017 the
Italian Treasury proposed that the veteran banker Alessandro Profumo
Mauro Moretti as CEO of Leonardo, and on 16 May the Board
Alessandro Profumo to the role.
2018-2022 Industrial Plan
On 30 January 2018, Leonardo presented the 2018-2022 Industrial
Plan with the aim of taking the necessary actions to return to
sustainable growth in the five-year period.
The outlook in the reference markets is positive, particularly in
international export markets, allowing Leonardo to concentrate on
existing opportunities for its core businesses.
After having taken several steps towards building the “One
Company” operating model, Leonardo now considers an acceleration
necessary to ensure the sustainability of the business in the
medium-long term, strengthening the business structure and enhancing
the commercial approach.
The 2018-2022 Industrial Plan is therefore based on a transformation
process that will be implemented across the areas of operating model
optimisation, a more effective customer approach, targeted investments
to support growth, a focus on cost control and product portfolio
Leonardo designs, develops, produces, maintains and upgrades
commercial, military and military training aircraft, as well as
producing aerostructures. The Company is part of a network of joint
ventures and product partnerships, including such programmes as
BAE Systems and Airbus Group) to build the
supersonic multi-role Typhoon and ATR (with Airbus Group) to build the
family of turboprop regional aircraft of the same name.
Leonardo is active in the helicopter market, managing: development to
production, pilot training and after sales support. Leonardo produces
a range of helicopters for the commercial and defence markets,
including all the main weight categories, from 1.8-tonne
single-engined to 16-tonne three-engined helicopters.
Electronics, Defence & Security Systems
Leonardo develops and integrates systems for the air and sea traffic
management and the control and protection of land and sea borders; it
also develops secure communications networks and solutions for the
management of infrastructure and systems. The services include the
design and management of IT infrastructure and data processing for
intelligence and cyber security. Leonardo is active in the design,
development and production of naval artillery, armoured vehicles and
underwater systems. In the Electronics, Defence and Security Systems
sector, Leonardo operates through its US subsidiary DRS Technologies
and the joint venture
MBDA (37.5% BAE Systems, 37.5% Airbus Group and
25% Leonardo) that produces missiles and missile systems.
Electronics, Defence & Security Systems
In the space sector, Leonardo is active mainly through joint ventures
Telespazio (Leonardo 67% - Thales 33%) and Thales Alenia Space
(Leonardo 33% - Thales 67%).
Telespazio offers a wide range of skills
and services from design and development of space systems, launch
services management and in-orbit satellites to Earth observation
services, integrated communications and satellite navigation and
Thales Alenia Space
Thales Alenia Space is engaged in the design,
integration, testing and implementation of space systems, for
navigation, telecommunications, meteorology, environmental control,
defence, scientific missions and Earth observation.
Seats and activities in the world
Leonardo is present worldwide in about 20 countries, with a total of
180 sites (42% in Italy and 58% abroad), 83 of which are production
facilities (42 in Italy and 41 abroad). Commercially, there are about
150 countries in the world that use products, systems and services
supplied by Leonardo.
Its production activities and its main industrial and commercial bases
are located in Italy, the United Kingdom, Poland and the United
States. Moreover, Leonardo has gained a significant presence in France
and Germany, and is a key partner for various international industrial
100% Leonardo DRS
Finmeccanica Do Brasil Ltda·
Finmeccanica Finance Sa·
Finmeccanica Global Services Spa
Finmeccanica North America Inc.
Finmeccanica Uk Ltd·
100% Meccanica Holdings Usa Inc.
50% Bradley Collier
14% BCV INVESTMENTS SCA·
31% ELETTRONICA SPA·
50% EUROSYSNAV SAS·
11% EUROTECH SPA
31% IND. A. E M. R. PIAGGIO SpA
25% LIBYAN ITALIAN ADVANCED TECH. CO.·
Thales Alenia Space
Thales Alenia Space SAS
10% ATITECH SPA·
20% IIA - Industria Italiana Autobus SPA·
14% ITP SRL
As of 13 March 2016 Leonardo-Finmeccanica's largest shareholder was
Italian Ministry of Economy and Finances with 30.20%. Other declared
shareholdings at this date were
Norges Bank (2.03%) and Libyan
Investment Authority (2.01%). and the
Vanguard Group (1.30%).
Key budget items (2007–2016)
In million of €
Ordinary net profit
Group net borrowing
* Restated figures due to the adoption of IFRS 11, which resulted in
the deconsolidation of the Joint Ventures' Group.
**Restated figures as a result of the reclassification of the
transport sector as a discontinued operation.
European multilateral defence procurement
Conglomerate companies of Italy
Defence companies of Italy
^ a b c (PDF). Leonardo
Missing or empty title= (help)
^ "Leonardo: Il CdA propone il pagamento del dividendo dopo sei anni:
€ 14 cent. per azione - DETTAGLIO - Leonardo - Aerospace, Defence
and Security". www.leonardocompany.com. Retrieved 16 March 2018.
^ "Profile - Leonardo - Aerospace, Defence and Security".
www.leonardocompany.com. Retrieved 16 March 2018.
^ Aude Fleurant; Sam Perlo-Freeman; Pieter D. Wezeman; Sieman T.
Wezeman; Noel Kelly (December 2015). "The SIPRI Top 100 Arms-producing
and Military Services Companies, 2014" (PDF). SIPRI: 3. Archived from
the original (PDF) on 3 June 2016. Retrieved 17 May 2016.
^ Official Press Release. "Finmeccanica: shareholders' meeting
approves the change of the company's name and the 2015 financial
^ a b Kington, Tom (April 28, 2016). "It's Official:
Now Leonardo". Defense News. Retrieved May 1, 2016.
^ "EADS, BAE and
MBDA Merger". Defense Daily
International. 2001-12-21. the new MBDA, the world's second largest
missile manufacturer behind Raytheon access-date= requires
^ "BAE ties up £2.6bn Italian deal". BBC News. 3 June 2003. Retrieved
13 September 2007.
^ Parmalee, Patricia J. (9 April 2007). "Selex Sale Sealed". Aviation
Week and Space Technology. The McGraw-Hill Companies.
access-date= requires url= (help)
Finmeccanica completes $5.2B DRS buy". The Business Journal of
Milwaukee. 22 October 2008. access-date= requires url= (help)
^ "List of documents – Release How the
Finmeccanica technology is
helping the Syrian regime". WikiLeaks. 5 July 2012. Archived from the
original on 5 July 2012. Retrieved 6 July 2012.
^ "RE: Delivery of 500 Vehicular Radio VS3000 (1000 box)". WikiLeaks.
9 May 2011. Archived from the original on 5 July 2012. Retrieved 6
^ Squires, Nick (5 July 2012). "
WikiLeaks begins publishing tranche of
Syria emails". The Daily Telegraph. Archived from the original on 5
July 2012. Retrieved 6 July 2012.
^ Moschonas, Ilias (2 February 2012). "SELEX reply on urgent
requests". WikiLeaks. Archived from the original on 6 July 2012.
Retrieved 6 July 2012.
^ a b Mackenzie, James; Andrew Roche; Pravin Char (5 July 2012).
Finmeccanica sold radio equipment to Syria: report". Reuters.
Archived from the original on 5 July 2012. Retrieved 6 July
Giuseppe Orsi held on corruption charges BBC
^ Emilio Parodi and Stephen Jewkes (12 February 2013). "Finmeccanica
head arrested over India bribe allegations". Reuters.
^ "Finmeccanica: Shareholders' Meeting approves the change of the
Company's name and the 2015 Financial Statements". Leonardo. April 28,
2016. Retrieved April 29, 2016.
^ Ansa Nesw. "
Finmeccanica meeting approves new name,
^ "Italy proposes Profumo as new Leonardo CEO, confirms Eni, Enel
chiefs". Retrieved 24 March 2017.
^ "LEONARDO: IL CONSIGLIO DI AMMINISTRAZIONE NOMINA ALESSANDRO PROFUMO
AMMINISTRATORE DELEGATO". Retrieved 17 May 2017.
^ "Leonardo presents 2018-2022 Industrial Plan: long term sustainable
growth - DETAIL - Leonardo - Aerospace, Defence and Security".
www.leonardocompany.com. Retrieved 16 March 2018.
^ "Leonardo in the world". Leonardo Company.
^ "Leonardo (ex Finmeccanica)". Il Sole 24 Ore.
^ "Azionisti rilevanti di FINMECCANICA SPA". Commissione Nazionale per
le Società e la Borsa. Archived from the original on 27 December
2014. Retrieved 27 December 2014.
^ "Leonardo: the BoD proposes the distribution of a € 14 cent.
dividend after six years" (PDF). Retrieved 23 March 2017.
Finmeccanica Budget - 2014
Official website (in Italian)
Subsidiaries and joint ventures
NGL Prime SpA
SELEX Sistemi Integrati
Thales Alenia Space
FTSE MIB companies of Italy
Banca Monte dei Paschi di Siena