Italian shipbuilder Fincantieri completed its acquisition of Wisconsin-based Manitowoc Marine Group (MMG) for about $120 million, pending regulatory approval.
Fincantieri, the main shipbuilder for the Carnival Corp. brands, said the acquisition of MMG, a midsize shipbuilder with strength in U.S. military contracts, will include two Wisconsin shipyards, a repair yard in Ohio and a production plant in Wisconsin.
The Italian shipbuilder said that "by entering the U.S. defense market, the world’s largest in terms of order value, Fincantieri will bring to the United States its extensive expertise in modern ship design and construction method."
In a statement, Fincantieri CEO Giuseppe Bono said, "This acquisition further projects the company towards international markets enabling us, in a difficult moment for the world economy, to face increasingly fierce competition with greater critical mass."
Lockheed Martin will serve as a minority investor in the transaction.