{"id":66982,"date":"2024-03-07T20:05:13","date_gmt":"2024-03-07T20:05:13","guid":{"rendered":"https:\/\/one.sightlinemg.com\/defensenews\/uncategorized\/2024\/03\/07\/fincantieri-in-talks-to-buy-leonardos-torpedo-business-source-says\/"},"modified":"2026-08-08T00:55:50","modified_gmt":"2026-08-08T00:55:50","slug":"fincantieri-in-talks-to-buy-leonardos-torpedo-business-source-says","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/defensenews\/industry\/2024\/03\/07\/fincantieri-in-talks-to-buy-leonardos-torpedo-business-source-says\/","title":{"rendered":"Fincantieri in talks to buy Leonardo\u2019s torpedo business, source says"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">ROME \u2014 Italian shipyard Fincantieri is in talks with Italy\u2019s Leonardo to buy the latter\u2019s torpedo unit for \u20ac200-\u20ac300 million (U.S. $218-326 million), a source with knowledge of the <a href=\"https:\/\/www.defensenews.com\/global\/europe\/2021\/11\/17\/protectionist-instincts-flare-as-venerable-italian-cannon-maker-goes-up-for-sale\/\" target=\"_blank\">negotiations<\/a> told Defense News.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The move by Fincantieri reflects the state-controlled yard\u2019s push to beef up its defense business, which currently accounts for 40% of overall revenue; the remainder comes from offshore and cruise ship work.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For more than a decade Leonardo has searched on and off for a buyer or partner for its torpedo unit known as WASS. The company\u2019s primary focus is aircraft, helicopters and high-tech electronics.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A spokesperson for Fincantieri declined to comment for this story.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">WASS, which stands for Whitehead Alenia Sistemi Subacquei, traces its origins to Englishman John Whitehead, who developed the world\u2019s first effective self-propelled torpedo in 1875 in Fiume \u2014 then part of the Austro-Hungarian empire, and now in Croatia.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In 1995, WASS became part of the Italian group Finmeccanica, which has <a href=\"https:\/\/www.defensenews.com\/industry\/2016\/04\/28\/it-s-official-finmeccanica-is-now-leonardo\/\" target=\"_blank\">since been renamed Leonardo<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.defensenews.com\/industry\/2022\/12\/27\/fincantieri-ceo-talks-us-frigates-vision-for-europes-naval-sector\/\" target=\"_blank\">Fincantieri CEO Pierroberto Folgiero<\/a> told Defense News in December he was keen on ramping up his firm\u2019s undersea defense business, a sector the company predicts will be worth \u20ac94 billion between 2024 and 2030.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe will be an integrator, deciding whether to make or buy systems,\u201d Folgiero said at the time, adding that Fincantieri would also harness oil and gas technology for subsea defense needs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As part of its ambitions, Fincantieri is a partner at a new subsea center in La Spezia, Italy, bringing together industry, the Italian Navy and academia to work on programs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fincantieri also signed a deal with Leonardo last year to work on drones to protect undersea cables and pipelines. And in December, Fincantieri <a href=\"https:\/\/www.defensenews.com\/global\/europe\/2024\/01\/08\/fincantieri-taps-welding-robots-to-build-us-navy-frigates-faster\/\" target=\"_blank\">purchased Italian firm Remazel<\/a>, which manages subsea operations for the oil and gas sector.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The firm also signed a memorandum of understanding to work with W-Sense, an Italian startup using Norwegian technology to develop underwater communications based on acoustic and optical signals.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It also struck a deal to work with C.A.B.I. Cattaneo, an Italian supplier of underwater vehicles to Italy\u2019s naval special forces. Last year, the Navy ordered a third <a href=\"https:\/\/www.defensenews.com\/global\/europe\/2021\/02\/26\/fincantieri-to-build-two-new-german-design-submarines-for-the-italian-navy\/\" target=\"_blank\">U212 NFS submarine<\/a> from Fincantieri.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On Thursday, Fincantieri released its results for 2023, which showed orders last year reached \u20ac6.6 billion, up from \u20ac5.3 billion the year before, while revenues rose 2.8% to \u20ac7.65 billion and are expected to reach \u20ac8 billion this year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The firm reported a \u20ac53 million loss, against a \u20ac324 million loss in 2022.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to <a href=\"https:\/\/people.defensenews.com\/top-100\/\" target=\"_blank\">Defense News\u2019 Top 100 list<\/a>, Fincantieri is the 48th largest company in the world based on defense-related revenue.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For more than a decade Leonardo has searched on and off for a buyer or partner for its torpedo unit known as WASS.<\/p>\n","protected":false},"author":7,"featured_media":118578,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"","_acf":"","_yoast_wpseo_primary_category":12,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_smg_distribution_targets":[]},"categories":[160,46,11,12,36],"tags":[],"coauthors":[3345],"class_list":["post-66982","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-news-roundup","category-europe","category-global","category-industry","category-newsletters"],"acf":{"subheadline":"","legacy_arc_id":"HF7ZKBMERFBCHOWSJQMRDBD43M","arc_canonical_url":"\/industry\/2024\/03\/07\/fincantieri-in-talks-to-buy-leonardos-torpedo-business-source-says\/","remove_feature_photo":false,"is_sponsored":false,"subtype":"","redirect_url":"","disable_inline_ads":false,"native_logo_pretext":"Presented 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