AgustaWestland buys $113 million stake of PZL-Swidnik

AgustaWestland, a Finmeccanica company, today signed an agreement to purchase 87.61% of PZL-Świdnik, a Polish company which produces helicopters and aerostructures, for a sum of PLN 329 million ($113 million). This stake comes in addition to the 6.2% already owned by AgustaWestland. The acquisition, which comes after the privatisation process launched by the Polish treasury's industrial development agency, is subject to antitrust approval, and is expected to be completed by the end of the year. This is a strategic move for Finmeccanica, since the acquisition of PZL-Świdnik will enable AgustaWestland to strengthen its leadership, expand its operations in Europe and increase its competitiveness, all thanks to PZL's many years' experience in the field of helicopter aerostructures, especially fuselages, which the company produces for five AgustaWestland helicopters. Pier Francesco Guarguaglini, Chairman and CEO of Finmeccanica, commented: "the merger of PZLŚwidnik into AgustaWestland should generate significant opportunities for the group in the helicopter sector, not only because of PZL's expertise in aerostructures, but also because of the access the merger will give to new geographical markets and because PZL and AgustaWestland products are highly complementary". Giuseppe Orsi, CEO of AgustaWestland said: "With the acquisition of PZL-Świdnik, it will be possible to rationalise and optimise the work processes and organisation of all activities undertaken up to now outside Italy, improving the manufacturing processes with targeted investment.