Italy’s Leonardo group no longer holds a stake in Russia's Sukhoi Civil Aircraft Company (SCAC). On December 30, Leonardo quietly sold its remaining 5 percent shareholding to United Aircraft Corporation subsidiary Sukhoi Aviation Holding, a UAC spokesperson confirmed to AIN Thursday. However, Leonardo continues to participate with SCAC in the Superjet International (SJI) joint venture, of which it owns a 51 percent share.
Leonardo, known as Finmeccanica until late last year, took a 25 percent stake plus a single share in SCAC through its Alenia Aeronautica subsidiary during the Sukhoi SSJ100’s infancy in 2009. Since then, the Russian government twice injected billions of rubles into SCAC, effectively diluting Leonardo’s share to roughly 5 percent.
In a statement released to AIN, United Aircraft stressed it remains committed to “broad international cooperation” in the Sukhoi SSJ100 program, for which Leonardo continues to support flight testing, EASA certification, sales and interior completions.
“Increasing business and operational effectiveness of the program demanded additional investment in manufacturing and development of after-sales support,” explained UAC. “That's why the Russian side invested 107 billion roubles in the program in 2015. Given that Leonardo is currently restructuring its assets portfolio, our Italian colleagues have decided not to invest additional funds in the program. That's why their share in the program is diluted. Their role is changing as well.
“At the same time we are working on increasing effectiveness and coordination between SCAC and SJI including best practice exchange,” it concluded.