Finmeccanica and the partners of the future group EADS have signed a Heads of Agreement for the creation of a joint venture company in the field of military and civil aircraft

Finmeccanica and the partners of the future group EADS (European Aeronautic Defence and Space Company), Aerospatiale Matra, DaimlerChrysler Aerospace AG (Dasa) and Construcciones Aeronauticas SA (CASA), have signed a Heads of Agreement for the creation of a joint venture company in the field of military and civil aircraft, which shall be implemented by the end of this year.

This agreement is a natural step in the long-standing co-operation among Finmeccanica, Dasa and CASA in combat aircraft (Tornado, Eurofighter) and between Finmeccanica and Aerospatiale Matra in regional planes (ATR).

The agreement was signed on Friday in Rome, after having been submitted to the Board of Directors of Finmeccanica, by Giorgio ZAPPA (Alenia Aerospazio), Philippe CAMUS (Aerospatiale Matra), Rainer HERTRICH (DaimlerChrysler Aerospace) and Alberto FERNANDEZ (CASA). The signature was attended by Alberto LINA (Finmeccanica), Manfred BISCHOFF (DaimlerChrysler), Jean-Luc LAGARDERE (Groupe LAGARDERE), Pedro FERRERAS (SEPI) and Philippe PONTET (SOGEPA).

The joint venture company will have 17.000 employees and pro-forma revenues of over 2,5 billion Euros. It will be an equal partnership on a 50:50 basis by Finmeccanica and EADS with a corporate governance based on equal rights between the partners. It will encompass all the military and civil activities of Alenia Aeronautica/ Finmeccanica, the combat aircraft activities of Dasa and CASA as well as aerostructures activities of Dasa’s military aircraft division. Relevant industrial and technological improvements are expected for the industrial activities of all the companies concerned.

The new company will have a leading position in the military aircraft business in Europe and outstanding aerostructures activities. It will hold the majority share in the Eurofighter programme, the largest European military aircraft procurement in history. The company will also have a leading position in various future aeronautical programmes.

EADS intends to further link Finmeccanica with the Airbus system: Finmeccanica has been invited to join the Airbus Integrated Company as a shareholder, with an option for five percent stake, and will have a participation of up to ten percent in the future A3XX programme.

The creation of this joint venture is a major step on the way towards consolidation of the European aerospace and defence industry, a process which remains open to other European partners.

Based on existing links between the joint venture partners and the US industry, the new company will strengthen the co-operation with major US aerospace companies, thus playing a strong role in future transatlantic partnerships.