Westland and Finmeccanica merge helicopter businesses

UK manufacturer GKN Westland Aerospace and Finmeccanica of Italy have announced the merger of their helicopter businesses to create a new company to be called AgustaWestland.

GKN and Finmeccanica said at a press conference in London: "This is a world-class alliance of equals united by the same strategic vision -- to deliver outstanding products and services to our customers and to maximise value for our shareholders".

The financial structure is that GKN and Finmeccanica will each own 50 percent of the new joint venture company that is expected to become fully operational in the autumn, subject to EU regulatory approval.

Combined 1999 revenues of the two company's came tomore than $2.1 billion and they have between them a defence and civilian order book of $8 billion.

GKN Westland Aerospace based in Yeovil UK is the manufacturer of the EH101, APACHE Super Lynx & Battlefield Lynx and the British Army WAH-64 Apache.

Agusta's main contract is for the Four Nations NH90 helicopter which could total some 595 units.

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