Monday, October 20, 2008

Finmeccanica and Mubadala create industrial partnership

Original Article

Rome and Abu Dhabi, 20 Oct. 2008 (WAM) – Finmeccanica, the Italian leading aerospace company, and Mubadala Development Company (Mubadala), an Abu Dhabi-based business development and investment company, today announced an agreement for a hi-tech industrial partnership.
The Italian company will partner with Mubadala to manufacture aerospace composite components for civil aircrafts at the recently announced Abu Dhabi-based composites plant. Alenia Aeronautica, a subsidiary of Finmeccanica, will provide technology, technical assistance and specialized training as well as transfer composite aerostructure manufacturing work to the new composites plant. Alenia Aeronautica will also provide support to develop the manufacturing processes that are needed for international industrial certifications. Activities will begin this year and are expected to reach capacity by 2011. Earlier this year, Mubadala unveiled its plans to manufacture hi-tech aerostructures composite components in Abu Dhabi. It is projected that by 2010 the plant will manufacture components such as spoilers, flap-track fairings and, through this agreement, will develop primary structures including outboard flaps, horizontal and vertical stabilizers. "Mubadala’s commercial strategy to evolve the Emirate of Abu Dhabi’s existing aerospace industry into a global aerospace hub is progressing quickly," said Waleed Al Mokarrab Al Muhairi, Chief Operating Officer of Mubadala. "Technology and innovation are strong qualities that Finmeccanica brings to our partnership and Alenia Aeronautica has built some of the most sophisticated aircraft in the world. Manufacturing is a key component of our aerospace portfolio and their expertise fits well with our plans." "This agreement is part of the group’s strategy to develop new alliances and consolidate our presence throughout the world, and in the Middle East in particular," said Pier Francesco Guarguaglini, Chairman and Chief Executive Officer of Finmeccanica. "Mubadala represents a prestigious partner with extensive resources and the business expertise, whose expansion policy is in perfect harmony with Finmeccanica’s aim to establish a long and fruitful partnership in this fast-growing market."

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