Italian shipbuilder and defense contractor Fincantieri announced it acquired Isselnord to boost its naval services business.
The agreement for the initial acquisition of of a majority stake in the company was signed through Fincantieri’s subsidiary company Delfi with full takeover to be completed within a pre-determined time frame.
Isselnord is an Italian company operating in all Defense-related sectors and in the main industrial branches in the civil sector, specialized in logistic support engineering, maintenance and information technologies.
The acquisition is of dual importance, Fincantieri said. On one hand, access to a qualified pool of expertise which can be immediately put to use, is a solution to the strong workload growth of the Naval Services sector, related to the renewal of the Italian Navy’s fleet assigned to Fincantieri and to the other recent orders acquired by the Group in the naval segment. On the other hand, thanks to the commercial partnerships of Isselnord in varied industrial contexts, it will allow the strengthening of business relations in the Defense segment, even outside Fincantieri’s traditional perimeter.
“We consider this acquisition of great strategic importance. Today we are creating an engineering defense hub in the area of La Spezia, consisting of about 200 highly qualified people. This enhances Fincantieri’s offer, already one-of-a-kind in terms of breadth and technological value,” Giuseppe Bono, CEO of Fincantieri, stated. “We will furthermore immediately strengthen our presence in the Naval Services sector, which is of fundamental importance to our customers and which stands for reliability and competence.”