13th Dec 2024 20:34
Leonardo Spa and BAE Systems PLC - aerospace and defence companies based in Rome, Italy and London-England, respectively and Mitsubishi Corp - Tokyo, Japan-based business conglomerate - Announce joint venture with Mitsubishi-owned Japan Aircraft Industrial Enhancement Co Ltd which will operate under the Global Combat Air Programme, a governmental, defence, and industrial agreement between Italy, the UK and Japan established in 2022. The joint venture will design, develop and deliver next-generation combat aircraft. Manufacturing and final assembly will be subcontracted to BAE, Leonardo and Mitsubishi Heavy Industries. The business' first chief executive will be from Italy.
Leonardo Chief Executive Officer Roberto Cingolani comments: "This agreement is the result of an intensive journey made possible by pooling our mutual and shared experiences. This partnership not only enhances our technological capabilities but also reinforces our commitment to global security and innovation. Today, we are paving the way for the development of a new era in Aircraft Systems and Multi-domain scenarios, fostering long-term sustainable growth for the economies of the involved countries."
BAE CEO Charles Woodburn adds: "Today's agreement is a culmination of many months working together with our industry partners and is testament to the hard work of everyone involved in this strategically important programme. The new business will bring together the significant strengths and expertise of the companies involved to create an innovative organisation that will lead the way in developing a next-generation combat air system, creating long-term, high value and skilled jobs across the partner nations for decades to come."
Leonardo current share price: EUR25.75
12-month change: up 78%
BAE current share price: 1,202.50 pence
12-month change: up 13%
Mitsubishi current share price: JPY2,551.50
12-month change: up 16%
By Aidan Lane, Alliance News reporter
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