Finmeccanica To Sell Some DRS Assets For Up To $800M

Finmeccanica SpA said it is looking to sell some assets of its U.S. unit DRS Technologies Inc. to raise between $700 million and $800 million. Pier Francesco Guarguaglini, chief executive of the Italian defense and aerospace group, also told analysts at a presentation in London he wants to keep control of another unit, Ansaldo Energia, even though the group has put a part of it up for sale. Guarguaglini said the group had identified some candidates interested in buying the DRS assets, which Finmeccanica had deemed not strategic with limited potential for growth after a review of the unit’s operations. The proceeds from their sale would be used to pay off debt and support DRS’s growth and repositioning in the U.S. market, he added. Finmeccanica also supports any interest that DRS had in making small acquisitions, Guarguaglini said.