Finmeccanica prepares DRS unit for sale
Proceeds will pay off debt
- By Washington Technology staff
- Mar 04, 2011
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.