Financial Times: Finmeccanica Halts DRS Sale Plan

DRS logoFinmeccanica no longer plans to sell its DRS Technologies subsidiary as the Italian defense and industrial conglomerate holds a positive outlook in the defense sector for the rest of this year, Financial Times reported Sunday.

Peggy Hollinger writes Finmeccanica also is not searching for a U.S. partner to purchase a stake in DRS but is open to potential partnerships in the future.

Financial Times reports DRS posted “better-than-expected” results for the first half of this year.

DRS posted sales of $1.87 billion in 2014 and could return to profitability this year with a potential $200 million asset turnover to be announced in the next few months, according to Financial Times.

Finmeccanica had indicated plans to sell DRS assets worth $224 million earlier this year as part of efforts to reduce debt the conglomerate took on through its 2008 acquisition of DRS for $5.2 billion.

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