Fincantieri Buys Stake in Isselnord

Italian shipbuilding group Fincantieri said it has signed through one of its subsidiaries an agreement for the acquisition of a stake in Isselnord, an Italian company operating in defense-related sectors and in the main industrial branches in the civil sector, specialized in logistic support engineering, maintenance and information technologies.

 

The agreement was signed through Fincantieri’s company Delfi, created in 2008 in joint venture with Isselnord, charged with the development of logistic support engineering and maintenance activities related to orders in the naval sector.

 

The initial transaction is for a majority stake in the company, with full takeover to be completed within a predetermined time frame, Fincantieri said.

 

Fincantieri said the acquisition will offer access to a qualified pool of expertise which can be immediately put to use as a solution to the strong workload growth of the naval services sector, related to the renewal of the Italian Navy’s fleet assigned to Fincantieri and to the other recent orders acquired by the group in the naval segment.

 

Giuseppe Bono, CEO of Fincantieri, said, “We consider this acquisition of great strategic importance. Today we are creating an engineering defense hub in the area of La Spezia, consisting of about 200 highly qualified people. This enhances Fincantieri’s offer, already one-of-a-kind in terms of breadth and technological value.”

 

Bono added, “We will furthermore immediately strengthen our presence in the naval services sector, which is of fundamental importance to our customers and which stands for reliability and competence.”

 

In addition, Fincantieri said Isselnord’s commercial partnerships in varied industrial contexts will allowthe group to strengthen business relations in the defense segment outside of its traditional perimeter, specifically in the aerospace segment, combat, control and command systems, as well as dedicated software products.