Fincantieri Forms New Company in U.S.

Thursday, November 17, 2005
Italian shipbuilding powerhouse Fincantieri has formed a new company, Fincantieri Marine Systems North America, Inc. FDGM, Inc., the U.S.-based subsidiary of Fincantieri, will be absorbed by this new company. The establishment of this new company is part of the vision of the Fincantieri CEO Giuseppe Bono to enlarge its presence in the global maritime market. Drawing on the vast resources of the parent company and forming strategic partnerships with other U.S. companies, Fincantieri Marine Systems North America, Inc. is uniquely qualified to provide fully engineered and integrated propulsion systems and machinery plant solutions to the U.S. shipbuilding industry for naval and commercial vessels. Service to the U.S. Navy's mine warfare force will be enhanced to an even greater level as additional parent company resources are brought to bear. Fincantieri Marine Systems North America, Inc.'s parent Fincantieri, headquartered in Trieste, Italy, is a cruise ship builder with more than 50 percent of the market, a market leader in design and building of fast ferries, holding also approximately 40 percent of the Mediterranean and North Sea market share in cruise ferries greater than 150 meters in length, naval vessel building and design, state-of-the-art mechanical products, and high speed diesel engines. Fincantieri Marine Systems North America, Inc. will provide in-service support for the Isotta Fraschini non-magnetic diesel engines for the U.S. Navy's mine warfare fleet and for supply Isotta Fraschini diesel generators and the Ride Control System for the Lockheed Martin Design LCS. Fincantieri Marine Systems North America, Inc. will retain its corporate headquarters in Chesapeake, VA, and will continue to support the U.S. Navy's forward deployed mine ships through its locations in Ingleside, TX, Bahrain and Sasebo, Japan. Source: Fincantieri Marine Systems North America, Inc.

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