Italian aerospace and defence giant Finmeccanica said it planned to change its name to Leonardo, after celebrated Renaissance artist Leonardo da Vinci, as part of a major restructuring.
The announcement came as the company, which last month agreed to sell its rail and traffic signal businesses to Japan's Hitachi in a $2.0 billion deal, announced better-than-expected results for 2015.
Finmeccanica said the Hitachi deal would allow it to focus on the core aerospace, defence and security businesses, in line with massive restructuring efforts under a so-called "one company" plan.
"With the execution of the new organisational and operating model as 'One Company'... Finmeccanica has not only redefined its own structure to make it more consistent with customers and markets requirements... but it also aimed to redefine its identity," the group said in a statement, explaining the need for a new name.
Shareholders will be asked to approve the change at a meeting in April.
In the same statement, Finmeccanica said net profits rose to 527 million euros ($591 million) last year, up from 20 million euros the year before.
Earnings before interest, tax, depreciation and amortisation (Ebita) -- a key raw measure of financial performance -- came to 1.2 billion euros, up 23 percent on the previous year.
The group also lowered its net debt by 684 million euros to 3.278 billion euros, in part thanks to the sale to Hitachi, it added.
Describing 2015 as "a turning point for Finmeccanica", the group said it had achieved results "which were higher than expectations".
Best known for painting the Mona Lisa, Tuscan-born Leonardo (1452-1519) was also a genius inventor and is credited with having first thought of a vertical-flight machine.
CoLT Prüf und Test GmbH receives ISO certification for meeting the highest quality standards. The test laboratory’s professional quality management fully complies with the SO/IEC 17025...
In this age of new technologies, all industries are trying to implement innovative solutions to make their daily operations easier and more efficient. As is the Latvian transmission systems operator A...
New technology will save operators time and money when sourcing crew Following the successful introduction of the hullo Aircrew brand at EBACE last year, the technology start-up has officially laun...
H160 prototype, H145, H135 and H125 alongside a full range of updated HCare digital solutions The H160 prototype has landed in Las Vegas and will be headlining Airbus Helicopters’ presence fo...