Finmeccanica prepares DRS unit for sale

Proceeds will pay off debt

The Italian defense and aerospace group Finmeccanica is preparing to sell some units of DRS Technologies Inc., its U.S. defense electronics firm, to raise up to $800 million, reports DefenseNews.

The proceeds from the sale would help to reposition DRS in the U.S. and other markets, turbocharge its growth, and assist in paying off debt at the parent company, CEO Pier Francesco Guarguaglini told financial analysts at a London presentation broadcast online. The company did not identify which units it would sell.

DRS, which saw $4 billion in revenue last year, was acquired by Finmeccanica three years ago. DRS is ranked No. 25 on Washington Technology's 2010 Top 100 list of the largest government contractors.

Reader Comments

Tue, Mar 6, 2012

CEO Mark Newman recently "retired". He did not agree with the direction the parent company Finmeccanica was taking the company his father started (and he sold). New CEO and Chairman William J. Lynn III has decided to close the company Headquarters in Parsippany NJ and move it to the Washington DC area. In the process laying off many workers that had been with the company many years and further reducing the tax revenues for the State of New Jersey. I understand this is a global economy now but it is unfortunate the Goverment approvd the sales of a defence company started by a former GI who, after taking advantage of the GI Bill to educate himslf and later start his company, to a country that, not that long ago historically speaking, tried to take over the world with the help of an an immigrant unemployed house painter" and "an Austrian draft-dodger.

Mon, Mar 5, 2012 Editor

Unfortunately no. DRS has been pretty quiet.

Fri, Mar 2, 2012 Melbourne Florida

updates???

Wed, Nov 9, 2011 Milwaukee

They just froze the pension here in Milwaukee and the word is 46 employees out of about 350 will be let go in the first half of 2012 (over 10% of the company). That's just par for the course, 3 layoffs in the last year and a half already.

Tue, Aug 9, 2011 florence, ky

i work for drs. I look to this as maybe a good thing. Northop might fire all our (mis)management and bring in a higher quality troop of monkeys to run our side show circus. Hey, can't get any worse.

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