The Italian job

The Italian aerospace and defence company Finmeccanica almost collapsed a decade ago. But now it is flexing its muscles to take on its bigger UK rival BAE Systems - not just in Britain, but also in the US.

The group, in which the Italian state still owns a 32.4% stake, and which this week reported a 22% jump in nine-month profits to €180m (£121m), now claims to be Britain's second-largest defence company. It has taken full control of the helicopter-maker AgustaWestland and has also secured a sizeable chunk of BAE's avionics business.

Employing around 10,000 people in the UK - one fifth of its global workforce - and turning over £1.8bn, a quarter of core sales, Finmeccanica says it has overtaken its French rival Thales and is planning further expansion, notably through its defence electronics and helicopter operations.

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