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JOHANNESBURG -South Africa s state defence firm Denel hopes to return to profitability within the next five years via a restructuring plan, but will still require significant cash injections to make.
Financially-beleaguered State-owned defence industrial group Denel announced on Wednesday a radical reorganisation, in an attempt to turn the business around. The plan also implied a significant downsizing of the group. Even so, Denel management only expected the group to return to profitability within five years. Under the turnaround plan, Denel’s current six divisions (there is also a subsidiary company) would be collapsed into just two. These would be the engineering division and the manufacturing and maintenance division, with the latter as Denel’s core business.
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