This website uses cookies to manage authentication, navigation, and other functions. By using our website, you agree that we can place these types of cookies on your device.

Read More

Launch of a French-Italian roadmap to strengthen naval defence cooperation

Posted On
a
Naval Industry News - France, Italy
 
 
 
Launch of a French-Italian roadmap to strengthen naval defence cooperation
 
Italian shipbuilding giant Fincantieri will take control of STX France under a shared ownership agreement. The agreement was made following a Franco-Italian summit held yesterday in Lyon in central France. According to the agreement, Fincantieri will take a 50 percent stake in STX France. The French state will hold 34.34 percent, Naval Group (formerly known as DCNS) 10 percent, STX personnel 2 percent and STX local suppliers 3.66 percent.
     
Launch of a French-Italian roadmap to strengthen naval defence cooperationSTX France Saint Nazaire is the only shipyard in France where larger vessels such as aircraft carriers, LHDs, LPDs and replenishment vessels may be constructed and launched.
     
France will lend 1 percentage point of its holding for 12 years, reserving the right to demand the holding back if Fincantieri does not honor commitments on jobs, governance or intellectual property.

With this agreement in place, Fincantieri and Naval Group will start consolidation talks with the ultimate goal of creating a European naval shipbuilding giant. The two companies issued the following press release:

Naval Group and Fincantieri welcome today’s decision of the French and Italian governments to launch a joint process paving the way for the future creation of a progressive alliance in the naval defence sector.

The two groups will play a key role in the steering committee that will be launched within the next few days with the objective to define by June 2018 a roadmap detailing the principles of the future alliance.

Furthermore, the agreement reached today by the two Governments on the shareholding structure of STX France foreseeing the presence of both Naval Group and Fincantieri represents a first important step and an opportunity to go forward in naval cooperation.

Naval Group CEO Hervé Guillou and Fincantieri CEO Giuseppe Bono declared: “Our two groups have already successfully cooperated on the Horizon and FREMM frigates programs and we look forward to achieving together our European ambition while serving our international development on a growing competitive naval defence market and continuing to support the Italian and French navies.”