Leonardo-Finmeccanica establishes Leonardo MW Ltd for UK operations
Leonardo-Finmeccanica has taken the next steps in the process to transform in to a single integrated company, by announcing the creation of Leonardo MW Limited.
At the start of this year Finmeccanica was transformed from a financial holding company into a One Company organisation, under the new name of Leonardo.
This new single entity is aimed at creating more effective governance and strengthening Leonardo’s position in the market by focussing on its core business of aerospace, defence and security.
“We are ready to take the next step in the transformation of the Group. To this end we will reinforce our presence in the UK through the creation of Leonardo MW – a new, single entity – which will oversee our UK operations, and ensure a consistent approach to one of our most important markets.” said Mauro Moretti, Chief Executive Officer and General Manager of Leonardo-Finmeccanica.
The new model enables the company to better compete in its home and international markets and to deliver value to its shareholders and stakeholders.
The next steps in the transformation will see the One Company model, currently in place in Rome, extended to the UK.
The Board of Directors of Leonardo have agreed to proceed with the plan to form a single UK company which will allow for closer cooperation across the Leonardo businesses within the UK, creating a common brand identity.
With revenues in the UK of £2.3bn in 2015, including £1.3bn of exports, Leonardo makes a significant contribution to the UK economy, employing 7,400 highly skilled personnel across the country.
The new company, which will be fully operational from 01 January 2017, will bring together AgustaWestland Ltd, Selex ES Ltd, DRS Technologies UK Ltd and Finmeccanica UK Ltd. under the name Leonardo MW Limited – where the M and W stand for Marconi and Westland, in reference to important parts of the companies heritage.
Norman Bone will be appointed as Chairman and Managing Director of the new company, in addition to his current role as Managing Director of the Leonardo Airborne & Space Systems Division.
John Ponsonby will be appointed as Managing Director of the UK helicopter business.