Fincantieri and Naval Group Forge Strategic Alliance
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Following the declaration made on 23 October
2018, today Fincantieri and Naval Group have finalized the Alliance Cooperation
Agreement, delineating the operational terms for establishing a
50/50 owned joint venture.
The contract, which follows the endorsement from
the Boards of Directors of both companies, embodies the fundamentals of the
“Poseidon” initiative and lays the groundwork for a broader partnership aimed at
enhancing their military naval collaboration to develop a more effective and
competitive European shipbuilding sector.
The pact has been
executed by the CEOs of both companies, Giuseppe Bono and Hervé Guillou, on
board the frigate “Federico Martinengo”, stationed at the Naval Base of the Italian Navy in La Spezia. This vessel is
part of the Italian-French FREMM program, highlighting the strength of the
twenty-year partnership between the two nations, their industries, and the
national navies.
The formation of the JV is anticipated in the
coming months and certainly before the end of the year, subject to
standard conditions for such transactions and securing the necessary permits from the
appropriate authorities.
Through this joint
venture, Fincantieri and Naval Group will:
- exchange best practices between the two
entities; - collaborate
on selected Research and Development
initiatives; - streamline procurement processes;
- collaboratively
prepare proposals for binational programs
and export markets.
According to the agreement, the company will have its
headquarters in Genoa with a branch in Ollioules, France. The governance
of the JV, as outlined in a shareholders’ agreement, will feature a Board of
Directors comprising 6 members, 3 appointed by each entity. For the initial three-year
term, Fincantieri will designate the Chairman and the Chief Operational Officer, while
Naval Group will select the Chief Executive Officer and the Chief Financial
Officer.
Emphasizing the strategic importance attributed by
Fincantieri and Naval Group to this venture, Members of the Board will encompass
Giuseppe Bono, appointed Chairman of the JV, along with Hervé Guillou.
The Alliance signifies a tremendous opportunity for both groups and their ecosystems to boost their capability to better serve the French and Italian navies, secure new export contracts, develop innovative technologies, and ultimately enhance the competitiveness of the naval industries in both countries. On the sidelines of the signing, Giuseppe Bono and Hervé Guillou stated: “We are extremely pleased with the outcomes achieved and, most importantly, wish to convey our gratitude to our Governments, which over the past few months have collaborated closely with us, and continue to do so, aiming to finalize an agreement that will ensure the safeguarding of sovereign assets while fostering cooperation between the two teams. This dedication will enable us to better serve our Navies, provide the necessary support for shared export initiatives, and effectively establish the foundations for the fortification of the European defense sector.”
