Euro ministers renew call for high-tech mergers to repel US

Euro ministers renew call for high-tech mergers to repel US
Richard Wilson European Defence Ministers continue to press for mergers among high technology European manufacturers to protect the industry from US competition. A five-nation meeting involving Britain’s George Robertson and his German, French, Italian and Spanish counterparts agreed to press ahead with proposals for consolidation of Europe’s defence firms. A key area is the electronics sector where Robertson and his colleagues want to ensure that Europe keeps the leading edge technologies vital to sophisticated weapons systems and military aircraft. There is great concern that failure for the European industry to rationalise in a fewer, larger companies could allow the American giants to dominate the industry to Europe’s strategic and economic detriment. However, a major obstacle to any merger is government involvement in the French defence industry. “Defence and Industry Ministers are determined to get this process going because thousands of jobs and an industry of huge importance to Europe are a stake,” said Robertson. Government sources said the restructuring was primarily a matter for industry but that Ministers were pressing very hard for it to happen quickly.


Leave a Reply

Your email address will not be published. Required fields are marked *

*