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January 18, 1994


By CBR Staff Writer

Indra SA was formed in September 1991, the result of a marriage of convenience between the two most important Spanish electronics companies, Inisel SA and Ceselsa. For 1993, turnover is estimated at some $377m, at a loss of around $31m. The Indra Group has its finger in various pies: defence and dual technology – 41.5% of its total sales, information technology consulting and services, 34.6%, automtion control and telecommunications, 20.6%, and space systems, 3.3%. Indra is still in search of its true identity, while it takes into account a declining defence market and expectations of growing demand for civil and military applications of information systems. In accordance with provisions made when Indra was created two years ago, it is now looking for a multinational to help it move into international computer markets, and the choice of partner will undoubtedly have to take the interests of its three most important clients into consideration, these being the Ministry of Defence, Telefonica de Espana SA and AENA National Airports and Air Navigation. The new partner is expected to take at least 25%, meaning that Teneo, the group of profit-making companies of the National Institute of Industry, will cede its majority 80% stake. The latter has just approved an increase in capital, expected to be in the region of $103m. Potential candidates appear to be two dependents of General Motors Corp: facilities management specialist Electronic Data Systems Corp, and defence group Huges Electronics Inc, a fancied candidate, with whom Indra already shares capital in Enosa and Gyconsa: further possible candidates are Thomson-CSF SA, co-sharholder with Indra in in SAES Submarine Electronics, Cap Gemini Sogeti SA, and Sema Group Plc, as well as General Dynamics Corp, Raytheon Co and Martin Marietta Corp.

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