UPDATE 1-Latecoere seeks consolidation under new chairman

Tue Aug 31, 2010 1:07pm EDT

* Aerospace firm recruits former French utility chief

* Aims to participate actively in sector consoloidation

(Adds details)

PARIS, Aug 31 (Reuters) - French aerospace supplier Latecoere (LAEP.PA)named an influential former utility chief as its new chairman on Tuesday with a brief to pursue conslidation.

Debt-laden Latecoere, which makes the passenger doors for both the Boeing (BA.N) 787 Dreamliner and the Airbus (EAD.PA) A380, said Pierre Gadonneix would takeover from Jean-Claude Chaussonnet, who has been in his job for a year.

Chaussonnet will stay on as deputy chairman.

"Together we will build an industrial framework which gives a dynamic outlook for the staff and shareholders of Latecoere," Chaussonnet said in a statement, adding Latecoere would participate "actively" in looming aerospace consolidation.

France's fragmented aerospace supply chain is already on merger watch, with state-controlled aero engine maker Safran (SAF.PA) trying to draw reluctant aircraft parts maker Zodiac (ZODC.PA) into a friendly takeover deal. [ID:nLDE67T1FR]

After signing a debt conversion deal with its banks, Latecoere told shareholders in May its liquidity was assured until 2011 and that it was looking for industrial partners.

In 2008, Latecoere tried but failed to buy two French plants from Airbus (EAD.PA) following the plunge in credit markets.

Gadonneix, 67, a Harvard-educated industrialist and former energy czar, was for years one of France's leading business heavyweights. After moulding energy policy as an adviser, he headed utilities Gaz de France and then Electricite de France.

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