May 19, 2022

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Leonardo earns money in the US and wins an order in Qatar

Leonardo is selling its US operations in communications and military security technologies for $450 million (€408 million) to satellite and terrestrial communications giant Ses. The binding agreement was signed by Leonardo Derz, the American subsidiary of the major defense company headed by CEO Alessandro Profumo, which confirms his estimate of the group’s net debt of about 3.1 billion euros for the current year. Piazza Affari reacted positively, sending the stock higher to gain 1.6%, then set it at 0.4% at €9.05 in the end.

Leonardo also announced yesterday a new order in Qatar, the country in which he has been operating for “nearly 25 years”. The latter is related to the provision of the Naval Operations Center (Noc) to control the territorial waters and the maritime spaces adjacent to the Navy (Qatari Emiri Naval Forces – Qanaf). A center that benefits from “innovative technologies and systems, as well as full integration of air and marine components.”

Profumo noted that the sale of Ges represented “another step forward in the implementation of the industrial plan.”

“We are improving our portfolio – explains the group’s number one – and we continue to focus on the core business.” “The process announced today (yesterday’s edition) – he added – also underscores the commitment to achieving our goals, in line with the 2022 guidance. I am also sure – concluded Profumo – that Ses is the best industry partner to ensure the development of Ges’ business in the long term. for the benefit of all our stakeholders.

Thanks to Ges, in fact, the Luxembourgian giant Ses, listed on the Paris Stock Exchange, will be able to provide “scalable solutions in serving the critical communication needs of the United States government”.

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The plan is to integrate it into the Ses Government Solutions subsidiary, to enhance the offering of “industry-leading solutions and services to government clients, while delivering sustainable growth in a high-value sector” as CEO Steve Collar explains, Ses Gs has a “history of partnership and success.”

Collar expects Ges consolidation to contribute approximately $40 million (equivalent to €36.27 million) per mall, with annual synergies of $25 million (€22.67 million).