Defense Economy Restructuring
(Source: Portugal Ministry of Defense; issued June 13, 2020)
(Unofficial translation by Defense-Aerospace.com)
In compliance with the execution of the program of the XXII Constitutional Government of Portugal, the Ministry of National Defense and the Ministry of Finance announced the implementation of the changes planned for the economic aspects of defense.

In a joint statement, the two ministries report that the program foresees the restructuring of public participation in that industry in two fundamental areas that will allow “to combine the objectives of a stable and credible fiscal policy" and “to consolidate the role of the State in the management of public participation in the sector, in an articulated and centralized way."

The reform of the management of state holdings in this sector, which already provides 2,600 jobs and has a turnover of around 350 million euros, allows not only to rationalize the national economy itself, but also to leverage it in a "new context" European Defense Policy.

The changes are already reflected in the companies Arsenal do Alfeite, S.A. and idD - Plataforma das Indústrias de Defesa Nacionais, S.A., whose General Meetings to nominate the new Boards of Directors will take place on June 26th.

The following personalities are nominated for the Board of Directors of Arsenal do Alfeite, S.A: José Miguel Antunes Fernandes, for president and for members, Maria José Gomes Monteiro Jesus de Almeida and José Luís Serra Rodrigues.

In turn, the new Defense holding company will adopt the designation idD - Portugal Defense, SA, being nominated for its Board of Directors, Marco Alexandre da Silva Capitão Costa Ferreira, for president, Catarina Sofia Castanheira Nunes, Maria José Gomes Monteiro Jesus de Almeida and Paulo Alexandre Jacob dos Santos Santana, for members.

The CVs of all these candidates have already received due approval by CRESAP.

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