Its city centre head office on the first floor of one of Naples' finest aristocratic townhouses suggests a centuries-old heritage. But Dema is one of Italy's youngest aerostructures specialists, albeit fast becoming one of its biggest. Since its formation in 1993 it has been growing organically and by acquisition at home and overseas into a formidable force, with 650 employees and expected revenues this year of €51 million ($70 million).
Dema - short for design manufacturing - has steadily risen up the supply chain. Working with metal and composite structures, both engineering and assembly, it is a direct supplier to Alenia Aeronautica and other Finmeccanica companies, as well as Bombardier, for which it is building part of the CSeries cockpit, engine maker Avio and Airbus Military. "Our ambition is to be a first-tier supplier and integrator between international customers and a network of local qualified SMEs," says assistant chief executive Assia Viola.
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© DemaAn ATR horizontal tailplane under construction at Dema's Somma Vesuviana plant |
From being a tiny engineering company with less than €2 million revenue a decade ago, a spree of takeovers, new contracts and factory openings has seen sales soar, quadrupling from 2005 to 2009 alone. Dema expects to break the €100 million turnover mark by 2013.
Its industrial footprint includes four production plants in southern Italy - one of which in Brindisi, opened in 2006, assembles helicopter cabins for AgustaWestland. There is also an engineering department in Piacenza near Turin in the north and a technology centre near Bombardier in Montreal, started in 2004 as its first overseas facility. In addition, Dema has just begun operations at an assembly plant in Tunisia which will specialise in composites. Called Demat, it is a joint venture with local company Al Badr and will make its first delivery, to Alenia, this month.
Funding the extraordinary expansion have been Dema's two shareholders, Vema Invest and a private equity fund which is managed by the Intesa Sanpaolo bank and acquired its 49.2% stake for €8.5 million in 2006. It was the first time an Italian bank had bought into an aerospace company, says Viola, and its likely exit next year will create a strong opportunity for a new investor.
The funds allowed Dema to continue adding to its infrastructure and capabilities. In addition to opening in Brindisi, in 2006 the company doubled the size of its Somma Vesuviana plant. The following year, it acquired precision mechanics specialist FAPA in Pomegliano D'Arco and two years later extended its Piacenza centre with a new facility for developing titanium technologies.
But its success has not simply been down to adding scale and competencies. "Our secret," says Viola, "is a combination of young and ambitious engineers, with very experienced management."
Source: Flight International
