Leonardo is taking over Iveco Defence (photo of the latter’s trucks delivered to Switzerland in 2013). (Iveco Ltd)
Leonardo and the Iveco Group announced in separate press releases on 30 July that they had signed an agreement for Leonardo to take over Iveco Defence for EUR1.7 billion (USD1.9 billion). Iveco said it was selling its IDV and Astra brands.
Iveco said, “The transaction will create an Italy-based European champion in the land defence segment with the scale and capabilities to compete globally. By combining IDV and Astra’s mobility solutions and protected platforms with Leonardo’s advanced systems, the partnership will deliver full-spectrum, land defence capabilities for Italy, Europe, and at a global level.”
Leonardo added, “This strategic acquisition marks a significant step in Leonardo’s plan to strengthen its role as a leading, fully integrated original equipment manufacturer (OEM) in the land defence domain. The acquisition further enhances the group’s comprehensive portfolio of solutions for defence and security, covering both tracked and wheeled platforms.”
Leonardo CEO and general manager Roberto Cingolani said, “The acquisition of Iveco Defence represents a key milestone in the execution of our inorganic growth strategy and supports the full implementation of our industrial plan. This transaction reinforces Leonardo’s position as a reference player in the European land defence market, a segment expected to experience sustained growth in the coming years.”
Leonardo added, “The acquisition will also boost joint commercial positioning, leveraging the complementary nature of the two companies’ sales networks and the ability to offer integrated solutions in high-potential markets.
