Fincantieri strengthens its presence in the field of infrastructure. After the acquisition of Inso and its subsidiary Sof, it was awarded the core segment of one of the oldest construction companies, Condotta, a strategic asset for the economy of our country. This operation brings to Fincantieri a significant workload both nationally and internationally, in various fields: that of infrastructures for healthcare and for the defense industry; that of concessions, carrying out facility management services, for its own sites and on behalf of third parties. But above all the construction and management of the second part of the Darsena Europa in Livorno.
Not to mention that the Trieste naval group, through its "arm" Fincantieri Infrastructure, is at the helm of the only offer for the construction of sea works and dredging of the first part of the Livorno dock, together with a temporary group formed by Società Italiana Dragaggi Spa, Sales Spa and Fincosit. A decisive step for the realization of the sea expansion work of the Tuscan port of call, intended to double traffic by eliminating logistical bottlenecks, for which works are planned for 393,3 million euros, for a total of 450 million.
In doing so, the company of the state giant Fincantieri not only mortgages the construction of the work that will relaunch the Tuscan coast, it also puts all its skills to good use from sea to land, offering its core customers a complete package of services. In particular, the entire core branch of Condotte includes a series of 13 construction sites, in August 2019 proposals had arrived from 22 bidders, of which 15 had been admitted.
Let's take a step back. In December 2020, Fincantieri Infrastructure finalized the acquisition of the main business unit headed by Inso - Social Infrastructure Systems - including the subsidiary Sof - formerly part of the Condotte group, under extraordinary administration since 2018 - establishing a newco, Fincantieri Social Infrastructures, 90% owned by Fincantieri Infrastructure and 10% by Sviluppo Imprese Centro Italia Sgr Spa, representing the Tuscany Region.
Although the elements of the award have not yet been disclosed, the operation would seem more than real given that Fincantieri had taken over about 400 remaining employees of the 1.500 total, allowing the construction group to end the "state of crisis" in a very short time. And then Condotte has already sold several assets in recent years. Despite a substantial order book, there were various difficulties, in terms of collection of receivables due from the public with the specter of a heavy debt to be honored which in 2016 amounted to 767 million. The group had been admitted to the composition procedure with reservations in January 2018 and in July 2018 the construction company then requested and obtained admission to extraordinary administration, after rejecting the latest offer presented by Attestor Capital.
The next step will be the finalization of non-core targeted sales procedures, such as real estate initiatives in the hands of Real estate pipelines o the shareholding in Tenuta Ronciliano by 2022. Finally, the liquidation of the companies not involved in the M&A process will be carried out and the process of allocating the assets will be carried out, in order to conclude everything by 2024.
