Fincantieri Cantieri Navali Italiani S.p.A. has announced that it has successfully completed the acquisition of Manitowoc Marine Group from its parent company The Manitowoc Company, Inc., following all the required regulatory approvals.
Announced in August 2008, the transaction includes the participation of Lockheed Martin Corporation 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.
Fincantieri completes acquisition of Manitowoc Marine Group