French Manufacturing Group Will Take Majority Stake In
ongoing attempt by EADS to divest itself of general aviation
planemaker Socata appears to have borne fruit. On Monday, the
European aerospace consortium announced a final agreement has been
reached with the Daher group, for Daher to take a majority interest
in EADS Socata.
Under terms of the deal, Daher would acquire a 70% majority
share in EADS Socata.
As ANN reported, EADS opened talks with Daher
in July, three months after word first surfaced EADS was looking at
a buyer for the manufacturer.
EADS Socata is best known for its hot-selling TBM 850 turboprop.
EADS hoped the selloff would help recoup massive losses brought
about by delays to the Airbus A380 and A350 XWB programs.
"This Daher-Socata association will allow the creation of a
leading European industrial player in the domain of aerostructures
and open up new development prospects in general aviation,
including for the new Socata aircraft project", said
Jean-Michel Léonard, CEO of EADS Socata.
"Today we salute the success of this association, the result of
more than a year's work between the management teams of the two
companies to form a major player in Aerostructures, Business
Aviation and Services," added Louis Gallois, CEO of EADS,
after the signing of the agreement was announced. "It is also a
great satisfaction to have had the support of the majority of the
social partners, the Works Councils of Socata and Daher, the
Central Council of EADS France, and the personnel and management of
Socata, who have clearly understood the strategic importance for
the future of the company."
Daher has interests in the aerospace, nuclear and automotive
industries. Last year, EADS Socata partnered with the French
concern to bid for work on the upcoming Airbus A350 XWB.
Before the acquisition takes effect, it must be submitted to the
approval of the competent competition authorities.