(Alliance News) - Fincantieri Spa announced Wednesday that it has signed a cooperation agreement with Abu Dhabi Ship Building, a subsidiary of EDGE Group, a leader in the design, construction, repair, maintenance, refitting and conversion of military and commercial ships.

Under the terms of the agreement, EDGE and Fincantieri will join forces in the design, construction and fleet management for military and commercial ships, as well as create new business opportunities in the local and international market with high value-added technology solutions.

The agreement was signed at IDEX 2023, one of the most important international exhibitions in the defense industry, Fincantieri explained in a note.

Pierroberto Folgiero, CEO of Fincantieri, commented, "The agreement demonstrates the convergence of ADSB's and Fincantieri's objectives in the Emirates, as well as representing an important opportunity to exploit synergies that will enable a joint process of consolidation and growth. Together with the upcoming opening of the NewCo, wholly owned by the group, this signing also confirms Fincantieri's strong commitment to strengthening its position and reputation in the country."

Fincantieri trades in the red by 2.8 percent at EUR0.58 per share.

By Chiara Bruschi, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.