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Friday, January 02, 2009
FINCANTIERI MARINE GROUP ESTABLISHED TO OPERATE IN THE U.S. MARKET. FINCANTIERI COMPLETES ACQUISITION OF MANITOWOC MARINE GROUP
Fincantieri – Cantieri Navali Italiani S.p.A. announced today it has successfully completed the acquisition of Manitowoc Marine Group from its parent company The Manitowoc Company, Inc. [NYSE: MTW], following all the required regulatory approvals.
Announced in August 2008, the transaction includes the participation of Lockheed Martin Corporation [NYSE: LMT] as a minority investor. The entire transaction is valued at approx. USD 120 Million.
Manitowoc Marine Group – as of today Fincantieri Marine Group (FMG) – will operate as a subsidiary of Fincantieri.
FMG – comprising two shipyards in Wisconsin, a topside repair yard in Ohio and one production plant in Wisconsin – is one of the leading mid-sized shipbuilders in the United States for commercial and government customers, including the U.S. Navy and U.S. Coast Guard. In joining Fincantieri they are now part of one of the foremost shipbuilding groups in the world.
By entering the U.S. defense market, the world’s largest in terms of order value, Fincantieri will bring to the United States its extensive expertise in modern ship design and construction methods, thus greatly enhancing the technological capability and production processes at the yards of FMG. Furthermore Fincantieri plans to invest in modernising facilities and in workforce training, thereby increasing efficiency and productivity.
Commenting on the acquisition, Giuseppe Bono, Chief Executive Officer of Fincantieri said: “This acquisition further projects the company towards international markets enabling us, in a difficult moment for the world economy, to face increasingly fierce competition with greater critical mass. Through this transaction, which is included in our strategic business plan, we have reached an important milestone and we aim to grow in the longer–term, confident we will be rewarded by important business opportunities”.
“This action will improve the Littoral Combat Ship team’s ability to deliver high quality, high value, cost-effective ships to the U.S. Navy,” said Fred Moosally, President of Lockheed Martin’s Maritime Systems & Sensors business.
January 2, 2009
FINCANTIERI S.p.A. - Via Genova, 1 34121 - Trieste
Reg. Comp. TS - Reg. n. & Tax 00397130584 - VAT 00629440322 - Fully paid up share capital € 633.480.725,70
Company subject to the direction and coordination of Fintecna S.p.A.