Picture of Mitsubishi Heavy Industries logo

7011 Mitsubishi Heavy Industries News Story

0.000.00%
jp flag iconLast trade - 00:00
IndustrialsAdventurousLarge CapHigh Flyer

Germany would be strong partner for GCAP fighter project, Leonardo CEO says (updated)

UPDATE 1-Germany would be strong partner for GCAP fighter project, Leonardo CEO says

Adds Mariani quote at paragraph 5; adds background

By Angelo Amante

- Germany would be a strong partner for the Global Combat Air Programme (GCAP) fighter project, the chief executive of Italian aerospace and defence group Leonardo LDOF.MI told Reuters on Tuesday.

Asked whether the scrapping by Germany and France of the Future Combat Air System (FCAS) new-generation fighter project would be a good occasion to attract Germany into the rival GCAP programme, CEO Lorenzo Mariani said Berlin would "certainly be a particularly valid partner".

Europe is scrambling to bolster its defences amid growing threats from Russia and pressure from the United States to ramp up military spending within NATO. The FCAS failure underscored the struggles European nations are facing to rebuild military capacity after decades of underinvestment.

GCAP is an effort to build a next-generation fighter to be developed by a joint venture of Britain's BAE Systems BAES.L, Italy's Leonardo and Japan Aircraft Industrial Enhancement (JAIEC), which is backed by Mitsubishi Heavy Industries 7011.T.

"From an industrial standpoint, Germany would certainly bring expertise to the project," said Mariani, speaking on the sidelines of a conference in Rome.

Mariani, who was appointed at the helm of Leonardo in April by the government of Giorgia Meloni, made clear it was not up to him to pick new partners for the fighter jet venture.

Last year, Italian Defence Minister Guido Crosetto said other nations would be welcome to join the GCAP, in part to help share development costs. Partners are planning to build the new jet by 2035.

Italy's parliament this year backed an almost €9 billion ($10.40 billion) funding plan for the GCAP, which is expected to cost tens of billions. The FCAS, which also included Spain, had been estimated at around €100 billion.

($1 = 0.8658 euros)


(Reporting by Angelo Amante; Editing by Sanjeev Miglani)

((Giulia.Segreti@tr.com; +39.06.80307714;))

Recent news on Mitsubishi Heavy Industries

See all news