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Shipyards Get Financial Infusion

Posted on November 5, 2009

The Milwaukee Journal Sentinel reports today that the Italian company that owns Marinette Marine Corporation, of Marinette, Wisconsin, U.S.A. and Bay Shipbuilding Company, in Sturgeon Bay, Wisconsin, said it is spending more the US$40 million in improvements at those two shipyards in 2009 and 2010.

Fincantieri Cantieri Navali Italiani S.p.A. said the improvements are the beginning of a five-year, $US 100 million plan to modernize the shipyards to support the construction of the U.S. Navy's littoral combat s hip, and other projects. "We are honoring the commitment we made when we bought the U.S. shipyards," said Giuseppe Bono, Fincantieri's CEO.

"Through thse capital expenditures, which also benefit our other U.S. facilities in addition to the Marinette yard, we will further expand our production capacities and improve our infrastructure and processes," Bono said in a statement. "This will increase our competitiveness and foster synergies among our facilities in light of the challenges that we will face in the future."

For more information: www.jsonline.com/business/69302137.html

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