- Crisis in markets and new perspectives - Leonardo - Aerospace, Defence and Security
At the end of a global crisis exploded in the financial sector and more marked and we are looking towards the world's emerging countries which, on the . Corvette had revenue and EBITDA of EUR million (SEK Italy and a number of emerging markets, many of which are new to Recipharm. on 1st October following Recipharm's Extraordinary General Meeting (“EGM”) mid-size speciality pharma as well as global generic companies. January 09, |By David Undercoffler and Jerry Hirsch 14 to release two quintessentially American products: an all-new Corvette and Silverado pickup truck. and are all designed to meet the specific needs of their respective markets. though it will also be exported to emerging markets like Chile, Peru and Bolivia.
In Russia, with joint ventures SuperJet International with Sukhoifor the marketing of the Superjetand HeliVert with Oboronpromfor the assembly of the AW helicopter, in addition to long-standing partnerships in the areas of postal automation. In India, with the joint venture Indian Rotorcraft with Tata Sonsfor the assembly line of the AW and its subsequent commercialization.
InAgustaWestland acquired the Polish company PZL-Swidnik, operating in the production of helicopters and aircraft structures, which broadens the geographic positioning of the helicopter sector in Europe and opens up new prospects for access to various geographical markets. At the end of the same year, the microelectronics sector was released. Finmeccanica sold to Cassa Depositi e Prestiti the remaining stock held in STMicroelectronics' capital, for an amount of around million euro.
This transaction completed the process of transferring the role of Italian shareholder of reference in STMicroelectronics from Finmeccanica to Cassa Depositi e Prestiti which will guarantee fair governance shared with the French public shareholder. Through the partnership with a specialist operator, the transaction is intended to guarantee Ansaldo Energia new prospects for growth on an international level.
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In the same period, the merger transaction between SELEX Communications and Elsag Datamat, under the new name SELEX Elsag, was concluded, with the objective of creating a unique skills centre at group level in the Information and Communication Technology sector and to rationalise relationships with end clients.
From defence company to high technology company At the end of the crisis continued to exert a significant impact on all western markets. The United States, although it remained the most significant market, began a serious reduction in military spending, through the cancellation of existing programmes and a substantial block on new initiatives. European budgets are under even more pressure than the USA and companies in the sector, to face up to this new phase, are developing increasingly aggressive commercial activities in countries with high potential for growth in Asia, South America and the Middle East.
Global military spending remained essentially flat inwhile the most important global companies in the aerospace and defence sector record reduced earnings from the defence industry, down from Defence costs continue to rise in the emerging markets, however: In a context which is therefore still difficult for the aerospace and defence industry, Finmeccanica is launching guidelines for a new path for the Group, which focuses decisively on development from Defence company into high technology company, able to handle any demand from the Italian and European industry on the frontier of applied technology: That is to say technologies which, originally developed within systems for Defence, enable the design and development of new solutions in all areas linked to the needs of modern society, such as security, sensitive infrastructure management, new concepts for smart cities, intelligence and cyber security activity, management of air, sea and naval traffic, protection of civilians, land and infrastructures, climate and environmental monitoring, energy and mobility management.
New reorganisations and future prospects The strategy set in place by Finmeccanica to achieve its objectives revolved around some essential points: This called for a reorganization of its activities, both to recover competitiveness in the markets and to ensure a future for activities not part of the core business whose development the Group was no longer able to support.
Therefore, corporate restructuring began for Aeronautics, Defence and Security, along with the disposal process for the areas of Energy and Transport. Recipharm will have an asset base in each of the five largest European pharmaceutical markets.
Corvette has a stable and reputable customer base with little overlap with Recipharm thus presenting significant cross-selling opportunities.
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Increases manufacturing capacity and strengthened capability in the highly sought after technology of lyophilisation. Accretive to profitability and EPS with both set to increase already in We will be gaining access to a first class and largely new customer base as well as new capabilities and capacities that will add to our technology base.
Italy is an extremely interesting market made up of many small and mid-size companies where Recipharm currently has little presence. This combined with the significant sales in emerging markets represents an exciting opportunity. We are therefore looking forward to combining the assets of both organisations and working together with the management of Corvette to deliver benefit to all of our stakeholders.
Each facility specialises in a different technology and business area: Masate - Sterile injectable manufacturing facility with capabilities for both lyophilisation and liquid filling of vials and ampoules including hormones supplied to numerous territories including Japan.
Paderno Dugnano - API and finished dose form development and manufacturing facility with a number of owned product rights including Erdosteine, an important mucolytic product. The facility supplies the global market including the US and Japan. Lainate - Bulk lyophilisation of sterile beta lactam antibiotics supplied to numerous markets including Japan. Around people are employed across the three facilities and over customers are served including big pharma, mid-size speciality pharma as well as global generic companies.
Reported net sales in amounted to EUR The net asset position at 31st December was EUR The first six months of trading in is performing well with an improvement in both net sales and EBITDA compared to the same period last year. Transaction rationale Enhanced Reach, Scale and Profitability. Access to new and highly interesting geographies including Italy and emerging markets.
Recipharm will now have manufacturing assets in the five largest European pharmaceutical markets. Access to a new customer base presenting significant opportunities for cross selling.
Increased lyophilisation capacity and capabilities. Ability to handle hormones in both vials and ampoules. Future potential royalties from the possible approval of Erdosteine as an orphan drug in the US for the treatment of bronchiectasis.
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Development and small scale manufacturing of niche active pharmaceutical ingredients integrated with finished dose form development Provides access to new manufacturing contracts derived from development pipeline. Corvette has many years of strong development in both sales and EBITDA and will contribute to combined organic growth. The acquisition is expected to be accretive to EPS Additional, non-quantified benefits from commercial synergies, cross-selling to customers and operational optimisation.
Transaction terms Consideration and financing.