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Report: Finmeccanica Plans Sale of $224M in DRS Assets

Finmeccanica w borderFinmeccanica is looking to divest approximately $224 million worth of assets in DRS Technologies this year, Defense News reported Tuesday.

Tom Kington writes Finmeccanica announced the divestment plan as the Italian conglomerate unveiled a revised earnings guidance and an industrial strategic plan.

Last summer, Mauro Moretti, Finmeccanica CEO, said he was considering a sale of DRS to focus on building aerospace, defense and security technologies.

Finmeccanica estimates new orders to reach $17.6 billion for its 2014 fiscal year, up from a previous forecast of $15.9 billion, according to Defense News.

The company also predicts full-year 2014 earnings to be approximately $1.2 billion and projects up to $1.4 billion in fiscal 2015 earnings, according to the publication.

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