MILAN (Reuters) - Leonardo plans to invest 1 billion euros ($1.10 billion) in Italy over five years to develop new products, modernize its factories and strengthen its supply chain in the defence electronics, the group said on Monday.
The Italian group aims to become the leader in defence electronics in Europe and has recently bought a stake in Germany's Hensoldt to move in this direction, Leonardo's CEO recently said.
The group's electronics division currently employs 13,000 workers, of which 8,500 are in Italy. The division designs, develops, produces and supports radar systems, advanced sensor technology and protection and defence systems for aviation, space, land-based and naval platforms.
"The plan will see Leonardo invest 200 million euros in Italian industry each year, plus an additional 50 million euros will be used to optimise Leonardo's sites in Italy in each of the first three years of the plan," the group said in a statement.
In parallel, the Italian group will also invest 300 million euros over three years in its electronics business in Britain.
The company will create a new centralised logistics hub in Pomezia, near Rome, which will enable significant improvements in operational performance, efficiency and quality assurance.
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