Leonardo finds new partner for aerostructures unit after Boeing issues

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Leonardo finds new partner for aerostructures unit after Boeing issues

ROME (Reuters) – Italy’s Leonardo has identified a new industrial partner for its aerostructures unit which has been hit by the problems of U.S. planemaker Boeing, the state-controlled group’s CEO said on Thursday.

Leonardo has been attempting for several years to return its aerostructures business to profit. CEO Roberto Cingolani said in November it was looking for new opportunities for the division, which manufactures two sections for Boeing’s 787 plane.

“We have identified an investment partner, in the defence and space sector, to co-invest in a possible new industrial initiative in aerostructures,” Cingolani told an analyst post-results call.

He said the group was fully committed to finding a solution as soon as possible but did not give further details.

“Tight negotiations are ongoing in these hours and in these days,” he said.

A broader plan to overhaul the unit, which employs around 4,000 people in four plants located in southern Italy, will be announced at the group’s strategy update on March 11, Cingolani added.

Orders from Boeing in 2024 were higher than the year before, results showed, and Cingolani said Leonardo had agreed a repricing for components with the U.S giant.

However, the Italian group has had to revisit its delivery roadmap several times, with shipment rates falling to very low levels.

A company slide showed that last year Leonardo delivered 49 fuselage sections to Boeing, up from 39 in 2023, and 28 stabilizers, down from 32 the previous year.

“This is not enough, the problem is getting *******,” Cingolani said.

(Reporting by Giulia Segreti, editing by Gavin Jones)

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