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Italian defence firm looks to Leonardo for renaissance

Italian aerospace and defence giant Finmeccanica on Wednesday said it planned to change its name to Leonardo, after celebrated Renaissance artist Leonardo da Vinci, as part of a major restructuring.

Italian defence firm looks to Leonardo for renaissance
Photo of a portrait of Leonardo da Vinci. Photo: Nico Barbatelli/Wikicommons

The announcement came as the company, which last month agreed to sell its rail and traffic signal businesses to Japan's Hitachi in a $2.0 billion deal,  announced better-than-expected results for 2015.

Finmeccanica said the Hitachi deal would allow it to focus on the core aerospace, defence and security businesses, in line with massive restructuring efforts under a so-called “one company” plan.

“With the execution of the new organisational and operating model as 'One Company'… Finmeccanica has not only redefined its own structure to make it more consistent with customers and markets requirements… but it also aimed to redefine its identity,” the group said in a statement, explaining the need for a new name.

Shareholders will be asked to approve the change at a meeting in April.

In the same statement, Finmeccanica said net profits rose to €527 million ($591 million) last year, up from €20 million the year before.

Earnings before interest, tax, depreciation and amortisation (Ebita) – a key raw measure of financial performance – came to €1.2 billion, up 23 percent on the previous year.

The group also lowered its net debt by €684 million to €3.278 billion, in part thanks to the sale to Hitachi, it added.

Describing 2015 as “a turning point for Finmeccanica”, the group said it had achieved results “which were higher than expectations”.

Best known for painting the Mona Lisa, Tuscan-born Leonardo (1452-1519) was also a genius inventor and is credited with having first thought of a vertical-flight machine.

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CHRISTMAS

Christmas wraps up with snow, wind and rain

After a sunny Christmas across most of Italy, the next couple of days will be marked by snow, strong winds and heavy rain.

Christmas wraps up with snow, wind and rain
Photo: Stock image/Ratikova/Deposit Photos

The civil protection office has issued an ‘orange’ alert in the north-west coastal region of Liguria, where rain and thunderstorms are forecast from Tuesday evening. The southern region of Campania has also been placed on ‘yellow’ alert.

Heavy rain will also sweep across Lombardy and Piedmont, while ample snow is expected to fall across Trentino-Alto Adige, northern Veneto and Friuli Venezia Giulia.

The central regions of Umbria, Abruzzo and Molise, as well as the island of Sardinia, will also be hit by strong winds and rain.

Come Thursday, however, conditions will be more stable, with fine weather expected to usher in the New Year.