On the Record with DR. GIORGIO BRAZZELLI, MANAGING DIRECTOR & CEO, AERMACCHI
Aermacchi Opts into 'National Champion'
"The worldwide trend for consolidation suggests that we become
part of the national champion," says Dr Giorgio Brazzelli,
explaining why it was a good idea for Finmeccanica, which already
owned a 27.4% stake in Aeronautica Macchi, to take control of
an additional 66.6%. The price, following long negotiation with
Italy's Foresio family, was 160 million euros. The remaining 6%
of Aermacchi is in the hands of management, banks and private
investors.
Finmeccanica control means Finmeccanica support for Aermacchi
R&D endeavors, Brazzelli says. It also makes for "stronger
coordination of export policies at industrial and government level,"
he told Show News.
The Aermacchi name, he says, with its strong association with
trainers, will remain, even if his organization, as expected,
is folded into Finmeccanica's Alenia Aeronautica. Aermacchi's
ambition to take a world leadership position in trainers, Brazzelli
adds, "is still the plan."
Aermacchi produces the MB-339 series of advanced military trainers
and launched the next-generation M-346, equipped with two Honeywell
F124-GA-200 turbofans, last year. The M-346 is slated to make
its maiden flight in the third quarter with first delivery tentatively
planned for 2007. Brazzelli says he would welcome the addition
of a European engine supplier.
M-346 design targets include Mach 0.92 in level flight, and 1.2
in a dive, plus sustained angles of attack up to 35°. "M-346
will gradually replace the MB-339 in our trainer product range
as the new generation advanced trainer," Brazzelli says.
The M-346's high thrust margin, without afterburning, is expected
to allow a sustained turn performance of around 13-14° per
second at a constant 5-6g and Mach 0.88 at 15,000 feet-better
than most current combat aircraft.
Aermacchi is targeting both "replacement of existing fleets
of trainers which are approaching the end of their structural
life," and wants to meet the requirements of air forces with
more capable aircraft that need correspondingly more capable trainers.
Besides trainers, Aermacchi maintains a large portfolio of subcontractor
work, with European civil aircraft manufacturers, such as Airbus
and Dassault, accounting for about 30% of revenues. Aermacchi
military business includes production of components for the Alenia/Embraer
AMX strike aircraft, the Alenia/Lockheed Martin C-27J airlifter,
Eurofighter, and could even be extended to the F-35A Joint Strike
Fighter.
"Finmeccanica," says Brazzelli, "has declared its
intention to enhance the Aermacchi competence in the aerostructures
business, with specific reference to engine nacelles."
Finmeccanica is looking outward too. The firm sees its control
of Aermacchi enhancing its chances of hooking up with another
major aerospace player. BAE Systems remains a prime candidate
after an attempt to establish closer links with EADS failed. Finmeccanica
executives consider the addition of the M-346 to Aermacchi's portfolio
a key asset, despite BAE Systems' intention to further develop
the Hawk trainer and EADS' plan to promote the Mako.
"The business case, for trainers, is relatively easy," says Brazzelli.
"The industrial and political implications" of a BAE Finmeccanica
tie-up, he observes, are "more complicated."
