Finmeccanica plans 3,000 job cuts

Share this article

Finmeccanica CEO Mauro Moretti said 3,000 jobs would be cut over the next two years. Photo: Andreas Solaro/AFP
15:22 CET+01:00
Italy’s Finmeccanica plans to shed 3,000 jobs over the next two years as it seeks to boost revenues and cut debt.

CEO Mauro Moretti told the Financial Times the job cuts would mostly be a result of asset disposals, including the sale of the train unit AnsaldoBreda, as the group focuses on high-tech areas in aerospace and defence.

The group, whose credit rating was downgraded to junk status by the main credit agencies in 2013 due to a €4.1 billion net debt, currently has 54,000 employees.

Moretti, an ally of Italy’s premier Matteo Renzi, was brought in to restructure the group in May last year.

He told the newspaper that annual sales would shrink by almost 20 percent over the next two years.

Story continues below…

He also said the company, whose reputation over the last few years has been tarnished by allegations of corruption, may change its 70-year-old name.

Share this article

From our sponsors

Last chance to vote absentee in the US elections

Election Day in the U.S. is less than a month away, and time is running out for Americans living overseas to vote absentee. Here's what to do before it’s too late.


Popular articles