ROME — Italy's Finmeccanica has said it will sell off parts worth €200 million (US $224 million) of DRS — the US electronics firm it owns — in 2015.
In a statement, Finmeccanica did not say which parts of the firm, which it bought in 2008 for $5.2 billion, it would sell.
Finmeccanica CEO Mauro Moretti said last summer he was considering selling DRS in its entirety and previous managers have also looked at offloading parts of the firm.
The announcement came as Finmeccanica released revised forecasts and some details of the industrial plan that Moretti has been formulating since he took over the firm in 2014
The company said that in 2015 it would also cede to Boeing activity it carries out on the B787 aircraft worth €300 million in revenue.
Finmeccanica is aiming to focus its operation on profitable, high technology aerospace, defense and security work, and is still seeking to sell off its civilian rail activity.
Japan's Hitachi and China's Insigma have been shortlisted as buyers of train-making unit AnsaldoBreda and a 40 percent stake in rail signalling company Ansaldo STS.
In a revision of its 2014 forecast, Finmeccanica predicted its new orders for the year could reach €15.5 billion, up from the prediction of up to €14 billion made in November.
Finmeccanica said it expects 2014 earnings before interest, tax and amortization, of up to €1.06 billion, above the previous guidance of up to €1.03 billion. For 2015, it expects €1.15 to €1.2 billion.
Email: tkington@defensenews.com
Tom Kington is the Italy correspondent for Defense News.
