Leonardo Secures New Partner for Struggling Aerostructures Unit

Leonardo, Italy's state-controlled aerospace group, has identified a new industrial partner from the defense and space sector for its struggling aerostructures division, which produces components for Boeing's 787 aircraft. CEO Roberto Cingolani announced that critical negotiations are ongoing and promised a comprehensive update on March 11 regarding the unit’s overhaul plan. Despite an increase in Boeing orders for 2024, Leonardo's aerostructures division continues to face challenges with delivery rates, having delivered 49 fuselage sections but seeing a decline in stabilizer shipments. The company has been striving to return the division to profitability, which employs around 4,000 people across southern Italy. In its latest performance report, Leonardo revealed overall financial growth, offsetting weaker results from the aerostructures unit. Cingolani emphasized the urgency of addressing the financial struggles as they work through the transition.