French electronics giant Thomson-CSF is on track to complete its re-structuring by the summer to create Europe's biggest defence electronics grouping.

As part of a French government-chaperoned consolidation, the company is to form a strategic partnership with elements of Alcatel-Alstrom, Dassault Electronique and Aerospatiale to form a major civil and defence electronics grouping, along with a distinct satellite business.

Company sources say the valuation of the assets to be merged is now under way. The merger then goes to the French privatisation commission before passing for approval to European and American regulatory authorities. To date the process is on schedule.

The company recorded a 5.3% profit increase in 1997, from a revenue of $6.7 billion. It is now led by chairman Denis Ranque, who succeeds Marcel Roulet on his retirement.

Source: Flight Daily News