Naval Group, Fincantieri JV Named NAVIRIS

French shipbuilders Naval Group and Italy's Fincantieri announced the name of the 50/50  joint venture NAVIRIS.

The name was presented during the recent Steering Committee held in Genoa (it meets every quarter alternatively in France and Italy) and is a new step in the strong collaboration between Fincantieri and Naval Group.

The Alliance between Fincantieri and Naval Group represents a great opportunity for both groups and their ecosystems to enhance their ability to better serve the French and Italian navies, to capture new export contracts, to develop new technologies and, ultimately, to improve the competitiveness of the naval sectors of both countries. The incorporation of the JV, is still expected as planned before the end of the year.

Earlier, on June 14, the shipbuilders signed an agreement to create an 50-50 joint venture in a bid to take on rising global competition.

The deal was signed by Naval Group chief Herve Guillou and Fincantieri chief Giuseppe Bono on board the frigate Frederico Martinengo in the Italian port city of La Spezia.

First floated in 2017, the “Poseidon” alliance project initially included cross-shareholding between the two groups, but this was abandoned last year in favor of a joint venture.