Fincantieri’s subsidiary Delfi to acquire stake in Italian defense company Isselnord

A specialized engineering hub dedicated to Defense is created in the area of La Spezia

TRIESTE, 15-Jun-2017 — /EuropaWire/ — Fincantieri, through its subsidiary company Delfi, signed an agreement for the acquisition of a stake in Isselnord, an Italian company operating in all Defense-related sectors and in the main industrial branches in the civil sector, specialized in logistic support engineering, maintenance and information technologies. The initial transaction is for a majority stake in the company, with full takeover to be completed within a pre-determined time frame.

The agreement falls within the development of the Naval Services business, also through the offer of life cycle management services of complex systems, from the beginning to final stage.

The acquisition is of dual importance. On one hand, access to a qualified pool of expertise which can be immediately put to use, is 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. On the other hand, thanks to the commercial partnerships of Isselnord in varied industrial contexts, it will allow the strengthening of business relations in the Defense segment, even outside Fincantieri’s traditional perimeter, with specific reference to the Aerospace segment, combat, control and command systems, and dedicated software products, also with the aim of providing high value-added services to the Group’s other business segments.

Delfi, created in 2008 in joint venture with Isselnord, is a Fincantieri company, charged with the development of logistic support engineering and maintenance activities related to orders in the naval sector.

Giuseppe Bono, CEO of Fincantieri, stated: “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 concluded: “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”.

SOURCE: FINCANTIERI S.p.A.

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