France and Italy forged a military shipbuilding alliance on Friday, as state-con...
PARIS - France and Italy forged a military shipbuilding alliance on Friday, as state-controlled Naval Group and Fincantieri signed off on a 50-50 joint venture that will bid for Franco-Italian warship projects and sell to the world market.
It is targeting orders worth up to 5 billion euros over the next decade. Naval Group said the joint venture aims to build 10-15 warships in that period, with synergies estimated at 10-15%. However, political and business relations between the two euro zone powerhouses have become increasingly fraught since then and uncertainty hangs over other deals.
Fincantieri top executives recently said they were confident of winning approval from Brussels, but that it could take some months. The new enterprise will be headquartered in Genoa, with its engineering center based in France’s southern Var region.
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