Leonardo’s 2017 to 2021 industrial plan was approved by its board of directors Feb. 23, the manufacturer said. The plan aims to build upon the “One Company” initiative, originally launched Jan. 1, 2016.

“The results achieved in the last three years — from 2014 to 2016 — confirm the effectiveness of the choices on which the industrial plan is based,” said Mauro Moretti, Leonardo’s CEO and general manager. “Targets and actions for this plan will be profitable growth and long-term business sustainability, also economic and financial. We will continue to build a solid and credible journey aimed at creating value for all the stakeholders of the company, including customers, shareholders, employees and the Italian industry.”

“One Company” was created out of a 2014 effort to run the company as a group of divisions, rather than operate each sector as a subsidiary. Since then, Leonardo said it has successfully disposed of non-core activities, rationalized its product portfolio, strengthened the order book with increased attention on the quality of orders and launched the new Leonardo brand. Because of those activities, the company has become more profitable, has decreased its debt and improved its ability to continuously generate positive and growing cash flows.

Extending that into the next five years, Leonardo aims to improve industrial efficiency, improve its ability to serve its customers geographically and increase customer loyalty, organically grow its business, and pursue strategic partnerships and acquisitions. Accomplishments stemming from those targets would ideally include a solid book-to-bill ratio of 1 (filling all orders received), 2017-2021 revenues compound annual growth rate (CAGR) of 3% to 5%, continuous improvement in return on sales, and preservation of a solid and flexible financial structure.

Leonardo’s board of directors also looked at the 2016 preliminary report, which is set to be approved and released March 15.