Fincantieri Acquires Manitowoc Marine

“Cost Pressures Force European Aerospace to Look Outside Europe” has discussed the effects of exchange rates on the European aerospace industry, while “EU Procurement Challenges & Defense Weakness Debated (updated)” offered some expert analysis of Europe’s shrunken defense budgets and the effect on industry. When set beside an American defense industry that continues to receive investment as a national priority, and a Dollar to Euro ratio that makes operations in a “dollar zone” attractive, European firms are looking across the Atlantic for complementary acquisitions. In recent months, EADS bought PlantCML, and moved to make Mobile, Alabama its assembly line for Airbus A330F freighters; meanwhile, Italy’s Finmeccanica bought DRS. Now Italian shipbuilder Fincantieri – Cantieri Navali Italiani S.p.A. has signed a definitive acquisition agreement to acquire the Manitowoc Marine Group (MMG), from its parent, The Manitowoc Company, Inc., for about $120 Million in cash. Lockheed Martin Corporation has agreed to be a minority investor with Fincantieri in the proposed acquisition. Fincantieri is Italy’s leading shipbuilder, building a range of ships from aircraft carriers and frigates to offshore patrol vessels. MMG is a leading mid-tier American shipbuilder, who has worked on commercial, Coast Guard, and naval programs… The keel for Lockheed Martin’s […]