Italy's Leonardo aerostructures losses ease as JV talks continue

Leonardo

Today 15:43

ROME, Nov 5 (Reuters) - Italian defence group Leonardo LDOF.MI said its troubled aerostructures business is showing signs of improvement, as the company continues to pursue a long-planned partnership for the unit.
Chief Financial Officer Giuseppe Aurilio told analysts on Thursday that losses at the division were declining and that a ramp-up of the Boeing B787 programme had made the issue "much more manageable and less painful".
At the same time, Leonardo is pressing ahead with talks on a joint venture for the unit -  which supplies components to Boeing BA.N and Airbus AIR.PA - despite delays linked to geopolitical factors, Aurilio added. 
The state-controlled conglomerate has been in talks for more than a year with a partner - whose identity has not been disclosed but which has been identified by media as Saudi Arabia's sovereign wealth fund.
Aurilio said that Leonardo was making progress on a standalone plan for aerostructures and would provide an update as part of its new industrial strategy, expected in March.
"The strategy does not change, (and that is) to make aeostructures sustainable, widening its customer base, and that is with this partnership or with no partnership," the executive said.

 (Reporting by Giulia Segreti in Rome
Editing by Keith Weir)
 ((Giulia.Segreti@tr.com; +39.06.80307714;))