Within the framework of teaming up with the local industrial eco system and strengthening the collaboration between Italy and Greece, Fincantieri and Leonardo have signed a number of further memorandum of understanding (MoU) with potential new Greek suppliers, setting the basis for defining possible long term business relationships.

The event took place today in Elefsis, where the Onex Elefsis Shipyards is based. This site is the cornerstone of the strategy of Fincantieri if the Group, as prime contractor, will be awarded the program of the Hellenic Navy corvettes pursued by the Hellenic Minister of National Defence.

Thanks to this milestone the involvement of Greek industry, not only referring to the corvette program, continues. Indeed, the Italian team made up of Fincantieri, Leonardo – as system integrator for the Combat Management System and the naval main sensors, systems and artillery, MBDA Italia and Elettronica, is compact in supporting the development of a large breadth shipbuilding partner with advanced and reliable skills.

After the ones to start a possible supply network in Greece, Fincantieri signed an official agreement with ONEX Shipyards & Technologies Group last December for the creation of a corvettes manufacturing line & their life-cycle support base, that will be located at Onex Naval and Maritime Elefsis Shipyards. The agreement:

• provides the terms of collaboration for the construction of 2+1 state-of-the-art technology and top-standard corvettes at Onex Elefsis Shipyards along with the necessary upgrades, improvements, know-how & transfer of technology, equipment, which are estimated at approximately euro 80 millions;

• is expected to generate the creation of 2.500 direct and indirect new jobs in the shipbuilding industry;

• constitutes a cooperation with multiple benefits for the Greek economy and defense sector, while enhancing the prospect of further cooperation between the two Groups in future construction programs of warships and commercial ships.

The agreement was an important step in the empowerment of the domestic defense production. The know-how that will be acquired through the ONEX-Fincantieri collaboration, that involves the whole Italian industrial ecosystem, will be an important cornerstone for the development of competitive products that will meet the defense requirements of various markets, giving even greater impetus to the rebirth of the Elefsis Shipyards.