Share

FIRSTonline Banner

Fincantieri's stock price drops: U.S. Navy cancels orders for four Constellation ships with compensation. New orders for other types of vessels are on the horizon.

The new orders concern units in segments that best meet immediate US interests and the revitalization of US naval shipbuilding, such as icebreakers, amphibious operations and special missions.

Fincantieri's stock price drops: U.S. Navy cancels orders for four Constellation ships with compensation. New orders for other types of vessels are on the horizon.

Fincantieri , US Navy have redefined the “Constellation” program by providing for the cancellation of the contract of four frigates already commissioned, which will be the subject of indemnificationWork will continue on the two frigates currently under construction.

This is what we read in a note relating to the agreement reached between the parties for the redefinition of the future of the Constellation program, currently under construction at Fincantieri Marinette Marine in Wisconsin. Compensation, the release states, will be provided "through specific compensation measures, with respect to the economic commitments and industrial impacts resulting from the US Navy's contractual decision, which was made for its own convenience."

Il title in Piazza Affari It fell by more than 3% in the 17 euro area, hitting a low of 16,85 before recovering.

In close collaboration with the US Navy, Fincantieri, led by Pier Roberto Folgiero, “will contribute to the realization of new classes of naval units“: for the Italian group “they are new orders expected for the construction of units in segments that best meet the immediate interests of the country and the relaunch of US shipbuilding, such as the icebreakers, amphibious operations and special missions“Looking to the future, the statement continues, Fincantieri will support the U.S. Navy in redefining its strategic choices in the segment of small surface combat ships, both manned and unmanned.

In recent years, Fincantieri has invested over $800 million in its four U.S. shipyards—Marinette, Green Bay, Sturgeon Bay, and Jacksonville—and currently employs approximately 3.750 highly skilled workers in the U.S. through Fincantieri Marine Group, with a recent increase of 850 to support growth and strengthen its industrial base.

“This is good news,” he commented. Folgiero "Because it means that the study phase the new US administration was carrying out has been completed, defining the US fleet development strategy and identifying the long-term contribution envisaged for Fincantieri USA." The latter, the manager recalls, "has an 18-year history in the US and invested 800 million when no one was ready to bet on American shipbuilding, at the height of disengagement and deindustrialization. With this agreement, Fincantieri finds a precise place within the military industrial base, in the long-term vision of the US Navy."

comments