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Fincantieri To Acquire U.S. Shipbuilder Manitowac Marine

DDN

Friday, August 8th, 2008

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Italian shipbuilding company Fincantieri said on Monday that it has agreed to acquire United States shipbuilder Manitowac Marine Group (MMG) for $120 million, expanding the company's naval business overseas. Lockheed Martin [LMT], which is teamed with MMG's Marinette Marine Corp. shipyard on the U.S. Navy's Littoral Combat Ship program, has agreed to be a minority investor with Fincantieri in the pending acquisition. MMG is owned by The Manitowac Company, Inc. [MTW], which plans to focus on its food service and…

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