Wednesday, September 03, 2008

Italy: doing jobs Americans can't do

I do not have enough space to describe the exemplary maritime expertise that Fincantieri brings to the ships they build. Just browse their portfolio a bit. They are shipbuilder owned by shipbuilders run by shipbuilders and managed by shipbuilders. I don't see an aircraft engineer anywhere ....

In case you missed it, the aircraft makers who bought our American shipyards have punted. The Italians have taken the ball and look like they will run with it.
Wisconsin-based U.S. shipbuilder Manitowoc has agreed to sell its Marine segment - which includes Marinette Marine, builder of Lockheed Martin's Littoral Combat Ship - to a Fincantieri-led partnership in an all-cash deal worth $120 million, Fincantieri and Manitowoc announced Monday. Lockheed is a minority partner in the new deal, Manitowoc said.
I have spent some time on Fincantieri built ships. Hey, I am an American first guy like you read about -- but this is fine with me -- even if it is a Italian guv'munt controlled company (imagine that....).

This part tickled 'ole Salamander - and should let you know where some of the LCS-1 problems came from WRT the aircraft engineer's partner,
"This transaction will allow Manitowoc to focus its financial assets and managerial resources on the growth of its increasingly global crane and foodservice businesses," Manitowoc President and CEO Glen Tellock said in a press release announcing the deal.

The company plans to use expected after-tax proceeds from the sale of 60 cents a share for general corporate purposes, including paying down debt expected from Manitowoc's planned acquisition of Enodis, a British food and beverage equipment maker.
There is one thing when browsing Fincantieri's portfolio that caught my eye. First, they build the U212 class ... and ... the S1000.

Ahhhh, to dream. Building a small, effective, efficient SS ... but the Skunk at the picnic here is the Russian partnership -- I don't see submarines being built in the Great Lakes anytime soon for the USA and Taiwan. Sniffle.

One last note; we should all be humble. With all the structural challenges and Italian company has - look how well Fincantieri works (must be run by Northern Italians ;)- ). Then look at what the "best business case" has done to USA shipbuilding.


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