The new CEO of Italian defense and electronics firm Leonardo, Roberto Cingolani, said the company is “working on some alliances that should create European hubs in fundamental defense sectors.”
According to a Defense News report, the CEO’s strategy, which he unveiled in a speech before a defense committee in the Italian Parliament, calls for a European industry coalition that can compete with big U.S. and Chinese companies.
Electronics is a potential sector for the alliance, the executive said, noting that no Italian, French, or German company is big enough to compete with the Americans or the Chinese.
“We have due diligence and talks with international banks underway to help us understand what to sell and what to buy, and we are mulling some joint venture on a giant scale,” Cingolani disclosed.
The chief executive said that he is also working with Thales CEO Patrice Cain to revitalize Leonardo’s space alliance with the French company and compete with SpaceX and the Chinese and Indian governments.
State-controlled Leonardo appointed Cingolani, a former Italian energy and environment minister, as CEO in April, replacing Alessandro Profumo.