May 16, 2019 / 4:28 PM / 7 days ago

Italy's Leonardo in talks over alliance in torpedo business

ROME (Reuters) - Leonardo is in talks with a potential partner for an alliance in the torpedo business, the CEO of the Italian defense group Alessandro Profumo said on Thursday.

Talking with journalists after the AGM, Profumo said that the company was not involved in any M&A deal at the moment, adding consolidation was an issue that sooner or later the group would have to tackle.

“This is a classic case of a business that is not big but where we have a good position ... it would be worth to join forces with others to become stronger,” Profumo said speaking about the torpedo business.

Reporting by Stephen Jewkes; writing by Andrea Mandala

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