ROME, Italy - Italian defense companies Fincantieri and Leonardo have finalized a sale of Leonardo’s submarine business the shipyard.

Reuters first reported the sale on May 9, noting that the deal was due for public announcement imminently. Sources told the media outlet that Fincantieri will purchase the submarine unit, Whitehead Alenia Sistemi Subacquei (WASS), at a cost of between EUR250-300 million.

The report added that Fincantieri will finance the purchase through recapitalization. The company’s stock traded down 9 percent after the report broke, on concern about the size of the recapitalization, which could run to EUR500 million.

Talks have been ongoing for some time. Last month, Leonardo CEO Roberto Cingolani confirmed that the parties were close to signing a deal, but added that there had been some "temporary resistances" from internal managers regarding the specifics of the sale.

The acquisition will boost Fincantieri’s defense-related portfolio, which currently makes up about a quarter of company revenues.

Source: Reuters
Associated URL: https://www.reuters.com/markets/deals/fincantieri-buy-leonardos-submarine-business-250-300-mln-euros-sources-2024-05-09/

NEW DELHI - India is procuring loitering munition systems to enhance the capability of its military. The Russo-Ukrainian War has shown the effectiveness of aerial attack drones. India has signed a deal for 50 loitering attack munitions with deliveries taking place in 2024. The contractor could provide 5,000 attack drones over the next three years.

Kadet Defense Systems develop an attack drone in cooperation with the state-run Defence Resewarch and Development Organisation (DRDO).

Source: News9
Associated URL: https://www.news9live.com/knowledge/explained-how-lethal-are-the-kamikaze-drones-which-are-soon-going-to-be-part-of-the-indian-armed-forces-2529722
Author: Ashutosh Raj 

HAIFA, Israel - Elbit Systems was awarded a contract worth approximately $53 million to supply the Crossbow Unmanned Turreted 120mm Soft Recoil Mortar Systems to General Dynamics European Land Systems (GDELS) for the installation on Pandur 6×6 APC wheeled armored vehicle for a European customer. The contract will be performed over a period of 6 years.

This marks the first contract signed for the supply of the Crossbow since its unveiling at the DSEI exhibition in London in 2023. Elbit Systems’ Crossbow offers high protection and survivability for the mortar operator’s crew and a short sensor-to-shooter circle, and is capable of shooting the first round in less than 30 seconds. It has a maximum rate of ten rounds per minute with a sustained rate of fire of six rounds per minute. The system can fire a variety of NATO 120mm ammunition, including the Iron Sting guided mortar munition, providing an effective range of up to 10 kilometers. No index loading is required for the Crossbow turret, which offers a 360° capability.

Source: https://elbitsystems.com