Magazine Helicopter Industry #101

HELICOPTER INDUSTRY I MANUFACTURER I
W
e were looking for € 250 million from the outset,
Andreas Löwenstein, CEO of Kopter, in an interview
with Helicopter Industry during Heli Expo. This funding was
necessary to complete the development of our helicopter, invest
in our infrastructure and set our product support organistion
before putting the SH09 into service. All these tasks require
to employ more peolple, to add new buildings and production
tools.»
Kopter has already invested more than € 350 million in the
SH09 program. With the € 250 million sought, € 600 million
will therefore be devoted to the design and entry into service
of this modern turbine helicopter. «It’s actually an entire
industrial system that is designed, funded and certified to bring
the new helicopter into service,» said Andreas Löwenstein.
It is true that Kopter is atypical in the helicopter industrial
world where established manufacturers have so high
structural costs that their programs are generally financed
through government contracts for military purpose. This
then makes it possible to develop civilian products at
affordable prices. The SH09 being developed only for the
civilian market, it was necessary for Kopter to find additional
funding to balance its accounts and be able to achieve the
certification of the aircraft.
«We have had discussions with many investors,» says Andreas
Löwenstein. In this type of negociations, three possibilities
exist: a simple capital increase, the takeover by a sovereign
interest (note: it is said that China would have been interested
in the Kopter takeover), or the arrival of a strategic industrial
investor». This latter solution has been chosen. Talks with
Leonardo accelerated from September 2019, after the SH09
flight evaluation by the Italian manufacturer’s test pilots.
«The negotiations went well,» continues Andreas Löwenstein.
We mutually agreed for a 100% acquisition by the Italian
group because we did not want to face the additional
complexity that the presence of a minority shareholder
would have created. A 100% takeover is clear and precise
and allows to develop all possible synergies».
Andreas Löwenstein highlights the obvious complementarity
of Leonardo’s current activities, range of products, and
portfolio of advanced technologies. He also recognized
the qualities of the Italian helicopter manufacturer: «They
always consider themselves as a challenger and they always
demonstrate a remarkable spirit of conquest.»
Kopter thus benefits, without paying money, for testing
facilities and an extensive product support network.
Conversely, by absorbing Kopter, Leonardo acquired a rapidly
developing company, with a real flexibility in its operation
and industrial policy.
« Leonardo leaders tell us clearly that they want to keep us as a
center of excellence and innovation. Leonardo has a very strong
respect for the Kopter identity. If we are able to demonstrate
that what we do is relevant, that we deliver quickly a reliable
helicopter, we have every reason to believe that the Kopter brand
will continue to exist », says Andreas Löwenstein: At the time
of the acquisition Leonardo issued a press release saying:
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