In 2017, Chinese state backed company CRRC, acquired Blue Engineering, an Italian aerospace engineering firm. The U.S. Department of Defense listed CRRC as a company contributing to the Chinese military’s modernization until June 2021. The 2017 CRRC takeover was never disclosed to the Italian Parliament but Italian MPs have not yet ruled whether it breached foreign investment screening rules. CRRC, through its numerous branches, has acquired other European industrial companies such as Dine, a British semiconductor group. When reporting on the acquisition, Italian investigative outlet Decode 39 quoted a U.S. Department of Defense brief to explain that Blue Engineering’s acquisition fits in the broader trend of strategic acquisitions by PRC entities to strengthen China’s technological, industrial, and military capabilities.
Chinese state backed company acquires Italian aerospace firm