ROME, Dec. 23 (UPI) -- Italy's Finmeccanica Industrial group has completed its reorganization into a single entity from a holding company with separately controlled businesses.
The reorganization of its aerospace, defense and security businesses affects OTO Melara and Whitehead Sistemi Subacquei, as well as the partial spin-off of Alenia Aermacchi S.p.A., AgustaWestland S.p.A. and Selex ES S.p.A.
"From 1 January 2016 as per the timeframe set out by the industrial plan, Finmeccanica will become one organization operating in aerospace, defense and security." The company said. "Finmeccanica will have a new governance and operating model, organized into four sectors and seven divisions."
Finmeccanica's new structure is based on four sectors and seven divisions.
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The four sectors are helicopters, aeronautics, space, and electronics, defense and security systems. The seven divisions established are Helicopters, Aircraft, Aero-structures, Airborne & Space Systems, Land & Naval Defense Electronics, Defense Systems, and Security & Information Systems.
The divisions will be responsible for business delivery, end-to-end management of their activities and their financial performance.
"We are extremely proud of the work we have done, which has allowed us to introduce the new organizational and operational model of the group within the established timeframe," said Finmeccanica CEO and General Manager Mauro Moretti. "The divisionalization will increase the efficiency and effectiveness of Finmeccanica's activities, reducing management costs by maximizing economies of scale and synergies.
"As a unified entity, Finmeccanica consolidates its competitive position in the increasingly complex global aerospace, defense and security market, bringing to bear leadership in technology and products, leadership that is strengthened by being part of a single large international industrial group."
Finmeccanica began formal preparations for the reorganization in July.
