{"id":63639,"date":"2022-12-16T22:23:53","date_gmt":"2022-12-16T22:23:53","guid":{"rendered":"https:\/\/one.sightlinemg.com\/defensenews\/uncategorized\/2022\/12\/16\/fincantieri-expects-huge-shipbuilding-kick-from-fatter-defense-budgets\/"},"modified":"2026-08-08T00:47:27","modified_gmt":"2026-08-08T00:47:27","slug":"fincantieri-expects-huge-shipbuilding-kick-from-fatter-defense-budgets","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/defensenews\/global\/europe\/2022\/12\/16\/fincantieri-expects-huge-shipbuilding-kick-from-fatter-defense-budgets\/","title":{"rendered":"Fincantieri expects huge shipbuilding kick from fatter defense budgets"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">ROME \u2014 Fincantieri is set to boost its naval business thanks to war-driven defense budgets, and the Italian shipyard has its sights on business opportunities that could total \u20ac20 billion (U.S. $21 billion) in the next five years, the company\u2019s recently appointed CEO said Friday.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pierroberto Folgiero made the announcement as he launched his first business plan, covering 2023-2027, after taking over the firm in May from outgoing CEO Giuseppe Bono.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cSpending on naval vessels is expected to grow in line with global defense budgets, led by Western European and Asia Pacific countries,\u201d the Italian state-controlled yard said in a statement accompanying Folgiero\u2019s new plan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The plan envisages naval export opportunities worth \u20ac20 billion between 2023 and 2027, thanks to naval budgets rising 3.3% in Western Europe and 4.2% in the Asia-Pacific region, with a \u201csignificant increase\u201d in demand for frigates, corvettes and submarines.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sales are on the upswing as countries spend more on defense in the wake of the Ukraine war, and they will help push Fincantieri\u2019s revenue to \u20ac9.8 billion by 2027, up from \u20ac6.7 billion in 2021, the firm said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The yard also promised a \u201cfurther strengthening\u201d of its Italian and overseas facilities thanks to \u201cthe review and digitalization of production processes.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In 2020, the United States selected Fincantieri\u2019s FREMM frigate design for its new FFG(X) vessel, which will undergo production at Wisconsin\u2019s Marinette Marine shipyard. Fincantieri has owned the yard since 2008, and it\u2019s where the firm already builds Freedom-class littoral combat ships for the U.S. Navy with Lockheed Martin.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Folgiero, who formerly headed an engineering company, was appointed CEO of Fincantieri after Bono\u2019s 20-year stint running the firm. Months after <a href=\"https:\/\/www.defensenews.com\/global\/europe\/2022\/04\/20\/longtime-fincantieri-ceo-bono-to-step-down\/\">stepping down<\/a>, the 78-year-old veteran passed away in November.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the final months of Bono\u2019s mandate, Fincantieri was touted as a possible purchaser of Oto Melara, the naval gun maker that owner Leonardo has been mulling selling.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Asked by Reuters on Friday if the firm was still interested, Folgiero said Fincantieri \u201calways looks at all strategic options.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The launch of the new business plan coincided on Friday with an announcement by Greece\u2019s Elefsis Shipyards that it had signed a deal with Fincantieri to jointly build a naval vessel production line in Greece to construct ships ordered by the Greek government.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In its announcement of the new plan, Fincantieri said it had delivered more than 130 naval vessels since 1990, including about 50 to Italy and 50 to the United States. It has also built 120 cruise ships since 1990 and now has a share in the cruise market exceeding 40%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Italian shipyard has its sights on business opportunities that could total \u20ac20 billion euros in the next five years, its CEO 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