Aerospace / Defense
Finmeccanica SpA Announces Agreement Sealed with National Trade Unions on Selex ES Reorganization and Relaunch Plan
Finmeccanica SpA announced that the Top Management of Selex ES, a Finmeccanica company, met on June 27, 2013 with National Trade Unions and agreed on Selex's Reorganization and Relaunch Plan concerning 17,000 workers, distributed mainly between Italy and the UK. The implementation of the plan will involve 2,529 resources of which 1,938 in Italy, 810 employees will be put on voluntary redundancy schemes or redundancy incentives to be followed by 800 more in January 2014. Defensive job-security agreements will be introduced for the first time in Finmeccanica for 9,000 employees. To rationalize production sites in Italy, only 26 out of 48 will continue to be operational. The agreement is an essential part of Selex ES' restructuring plan, which is designed to consolidate and optimize Selex's industrial set-up, while at the same time making it a more competitive global player in its sector of reference by leveraging on its core technologies and skills, which are fit to face up to the international challenges in Defense Electronics and Security.
Avtech Sweden publ AB Implements New Organization and Reduces Number of Employees by Four
Avtech Sweden publ AB announced that the Company has implemented a new organization consisting of three business units, namely Business Unit Aventus NowCast, Business Unit Consultancy and Business Unit Research and Development. AVTECH has also as part of the reorganization implemented cost savings of approximately 35% of the fixed costs of the Company, which will gradually have an impact during the upcoming three months. Savings consist mainly of a reduction of the number of employees (a reduction of four employees), partly of a reduction of miscellaneous office and IT-costs. In spite of fewer employees the new organization significantly increases the resources dedicated to the company’s Sales and implementation activities. 60% of staff is now active within BU Aventus NowCast; 30% within BU Consultancy and 10% within BU Research and Development.
Avtech Sweden publ AB Applies for Company Reconstruction, Appoints Christer Staaf as New CEO and President; Company Withdraws Q3 2013 Guidance
Avtech Sweden AB announced that its Board has decided to apply for reconstruction to the Attunda district court since finding a long term financing solution for Avtech Group was not successful within the needed time frame. The reconstruction is intended to provide additional time to implement a long-term solution and will be funded through ongoing and future work, as well as the liquidity provided by the Company's principal shareholder. Christer Staaf, one of the Group's main shareholders, has been appointed President and Chief Executive Officer (CEO) of Avtech Sweden AB as of May 24, 2013 during the period of reconstruction, which is estimated at three months. The previous CEO David Alvord remains at the board's disposal, and will continue to serve in the Group. Due to the Company's situation, it has decided that the guidance for break-even profit and net cash flow in the third quarter of 2013 is withdrawn. A forecast for when this can be achieved cannot currently be provided.
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Analyst Research
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Provider: Edison Investment Research
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Provider: Edison Investment Research
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Provider: Edison Investment Research
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