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SAAB

New Saab owners will not get rights to logo

Truck maker Scania announced Thursday that the new owners of Saab will not get the rights to the iconic Saab logo.

New Saab owners will not get rights to logo

Scania shares the image of the red griffon wearing a golden crown on a blue background with Saab Automobile and the defence company Saab, which were part

of the same group until 1990.

Saab Automobile, which went bankrupt last year, received a new lease on life in June when Chinese and Japanese investors were selected by the administrator to take over the automaker for an undisclosed sum.

Hong Kong-based alternative energy specialist National Modern Energy Holdings and Japanese investment firm Sun Investment LLC have said they plan to adapt Saab’s 9-3 model to an electric vehicle and target the Chinese market.

But Scania said Thursday it wasn’t going to let the griffon adorn the non-Swedish vehicles.

“Scania doesn’t want to allow the buyer to use the griffon symbol which is intimately tied to Scania,” spokesman Hans Aake Danielsson told AFP.

“Scania has used this logo since 1911 … and we don’t want our symbol in a manner that could damage our brand,” he added.

Moreover the cars produced from the resurrected Saab automaker “won’t be Swedish any longer.”

Saab had difficulties for years before the company filed for bankruptcy.

US automaker General Motors gave up trying to turn around Saab and sold it in 2010 to the tiny sports car maker Spyker.

The Dutch company soon ran into cash problems but its efforts to bring in Chinese investors was thrwarted by GM failing to give up intellectual property rights to key technologies.

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BRAND

Italian defence firm looks to Leonardo for renaissance

Italian aerospace and defence giant Finmeccanica on Wednesday said it planned to change its name to Leonardo, after celebrated Renaissance artist Leonardo da Vinci, as part of a major restructuring.

Italian defence firm looks to Leonardo for renaissance
Photo of a portrait of Leonardo da Vinci. Photo: Nico Barbatelli/Wikicommons

The announcement came as the company, which last month agreed to sell its rail and traffic signal businesses to Japan's Hitachi in a $2.0 billion deal,  announced better-than-expected results for 2015.

Finmeccanica said the Hitachi deal would allow it to focus on the core aerospace, defence and security businesses, in line with massive restructuring efforts under a so-called “one company” plan.

“With the execution of the new organisational and operating model as 'One Company'… Finmeccanica has not only redefined its own structure to make it more consistent with customers and markets requirements… but it also aimed to redefine its identity,” the group said in a statement, explaining the need for a new name.

Shareholders will be asked to approve the change at a meeting in April.

In the same statement, Finmeccanica said net profits rose to €527 million ($591 million) last year, up from €20 million the year before.

Earnings before interest, tax, depreciation and amortisation (Ebita) – a key raw measure of financial performance – came to €1.2 billion, up 23 percent on the previous year.

The group also lowered its net debt by €684 million to €3.278 billion, in part thanks to the sale to Hitachi, it added.

Describing 2015 as “a turning point for Finmeccanica”, the group said it had achieved results “which were higher than expectations”.

Best known for painting the Mona Lisa, Tuscan-born Leonardo (1452-1519) was also a genius inventor and is credited with having first thought of a vertical-flight machine.

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