The Ministry for Investment, Industry and Information Technology, together with the Italian firm Finultra SpA, recently announced the setting up of a new manufacturing plant in Malta for the production of specialized equipment used by the maritime industry. The new manufacturing plant is expected to commence with operations in January under the Malta registered Maresi Ltd. Finultra, its Italian mother company has been in operation for over 70 years, and registers a turnover of over $54m. The Maltese plant which will be located at the Bulebel Industrial Estate will be manufacturing magnetic compasses and other electronically controlled devices used in the maritime industry. These products will be exported to European and North American markets.