BBC Homepage World Service Education
BBC Homepagelow graphics version | feedback | help
BBC News Online
 You are in: Business
Front Page 
World 
UK 
UK Politics 
Business 
Market Data 
Economy 
Companies 
E-Commerce 
Your Money 
Business Basics 
Sci/Tech 
Health 
Education 
Entertainment 
Talking Point 
In Depth 
AudioVideo 

Wednesday, 26 July, 2000, 14:16 GMT 15:16 UK
Westland merger confirmed
Westland helicopter
Westland EH101: Developed with Agusta
UK helicopter manufacturer Westland has confirmed it is to merge with its Italian partner, Agusta, creating a company with an order book totalling 5.33bn ($8bn).

GKN, owners of Westland, and Agusta's parent, Finmeccanica, say the new company will be a "world class alliance of equals" aimed at delivering "outstanding products and services".

Westland helicopters
Industry has been consolidating
The two firms have been working closely for some years on the development of the EH101 helicopter, now in service with the Royal Navy.

They announced the merger plans in March 1999, having begun talks the previous year.

The new company - to be called Agusta Westland - is expected to become fully operational in the autumn, subject to regulatory approval.

Westland's chief executive, Richard Case, will be managing director.

Defence market

Westland has a strong presence in the military market, producing a range of army and navy helicopters including the Super Lynx and Apache.

GKN and Finmeccanica will each have a 50% stake in the merged group.

Between them, Westland and Agusta had revenues of 1.5bn ($2.1bn) in 1999.

Westland made a pre-tax profit of about 80m while Agusta made about 47m.

Search BBC News Online

Advanced search options
Launch console
BBC RADIO NEWS
BBC ONE TV NEWS
WORLD NEWS SUMMARY
PROGRAMMES GUIDE
See also:

18 Mar 99 | The Company File
Westland helicopter merger flies
14 Apr 00 | Business
Aero deal snub to BAE
03 Mar 99 | The Company File
GKN shares surge as profits rise
19 Jan 99 | The Company File
Battle for Europe's defences
19 Jan 99 | The Company File
UK creates defence giant
12 Jan 99 | The Company File
Defence groups fire up a deal
Internet links:


The BBC is not responsible for the content of external internet sites

Links to more Business stories are at the foot of the page.


E-mail this story to a friend

Links to more Business stories