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02 June 2020 The on-line newspaper devoted to the world of transports 13:44 GMT+2

April 1, 2011

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Fincantieri and Finmeccanica in talks to acquire control of Canadian shipyard Davie Yards

Italian companies to work with Davie to participate in the renewal of the Canadian navy

Davie Yards shipyard in Canada serious economic difficulty that has recently been awarded by the Québec Superior Court may continue until next May 19 with the procedures required under the Companies' Creditors Arrangement Act and therefore be able to reach agreement with potential investors, has signed an exclusive agreement with the Italian naval-mechanical group and the U.S. Canada DRS Technologies (DRS), a company specializing in the development of technologies for the defense that is part of the Italian group Finmeccanica, to start negotiations in order to verify the possibility of selling the site to a Canadian entity controlled by Fincantieri.

The chairman and CEO of Davie Yards, Gustav Nydal, said that "in the Fincantieri and DRS, a Finmeccanica company, Davie has found that he was looking for industrial investors, which have a combination of financial strength and technical expertise. This - he added - is an important step in the right direction, but there is still much work to do to complete the transaction in a very short time so that the shipyard is able to submit a valid bid for federal contracts '. Fincantieri Nydal stated that DRS will join immediately and Davie in the preparation of the proposal to become one of the two sites under the National Shipbuilding Procurement Strategy (NSPs), the Canadian government program for the renewal of the fleet ( of 17 June 2010).

Davie Yards also announced that it has obtained confirmation that the Government of Quebec to the shipyard will provide financial resources to tackle the problems of cash during the period of extension of the Companies' Creditors Arrangement Act


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