Signing of an agreement between ONEX – Fincantieri for the Elefsina Shipyards, at the Ministry of Development and Investments

Athens, 16/12/2022 – The Minister of Development and Investments Mr. Adonis Georgiadis and the Deputy Minister. Mr. Nikos Papathanasis attended today, Friday, December 16, the signing of an agreement between Fincantieri’s CEO, Mr. Pierroberto Folgiero and the President & CEO of ONEX Shipyards & Technologies Group, Mr. Panos Xenokostas , for the creation of a manufacturing line and maintenance of corvettes, which will be located at the Elefsina Shipyards, with significant benefits for the national economy and defence. The signing ceremony was attended by the Ambassador of Italy in Greece, Mr. Patrizia Falcinelli and the General Manager Naval Vessels Division of Fincantieri SpA, Mr. Dario Deste.

Among other things, the Agreement provides for:

  • The construction of 2+1 state-of-the-art and high-spec corvettes at Onex Elefsis Shipyards and the necessary upgrades, improvements, know-how & transfer of technology, equipment, estimated at approximately 80 million euros
  • the creation of 2500 direct and indirect new jobs in the shipbuilding industry
  • the cooperation with multiplier benefits for the Greek economy and defence, while strengthening the prospect of further cooperation between the two Groups in future warship and merchant ship construction programmes

 The Minister of Development and Investments Mr. Adonis Georgiadis stated:

“The signing of the memorandum of cooperation between ONEX and Fincantieri is a very important event for the Greek economy since, once this cooperation is implemented, with the transfer of know-how to the Greek shipyards in Elefsina, they will acquire possibilities that they never had in the past.

Of course, today’s signature does not prejudge the outcome of the process for the corvette programme, which will be a decision taken by the Greek Government and the Ministry of National Defence by examining all submitted proposals in an equal manner.

However, today’s memorandum ensures that the Elefsina shipyards can meet expectations and deliver the relevant programme, if and when selected by the Navy.

In any case, today’s signing shows the strong interest of a huge worldwide shipbuilding group in Greece. Very honorable for the Greek economy, a vote of confidence in Greece and a vote of confidence in ONEX. Congratulations”.

Deputy Minister Mr. Nikos Papathanasis stated:

“I would like to congratulate Mr. Xenokostas of ONEX Shipyards and Mr. Folgiero from Fincantieri for signing today’s agreement.

From the first moment this Government said that it would change the environment, the business environment in Greece and create a friendly country for entrepreneurship.

This is why the revival of the Elefsina Shipyards in the first place gives a new dynamic to a very strong industry that flourished in the past but at the same time this strengthening supports and will support a very strong merchant fleet since Greece has the strongest merchant fleet in the world .

So we continue. The support of the shipbuilding industry is not only that it creates new jobs for young people in the region, but at the same time it also creates an ecosystem of other activities that generally strengthen the industry in our country, which is a key pillar of development. Thanks”.

The Ambassador of Italy to Greece, Mrs. Patrizia Falcinelli , stated:

“I am very happy to be present here today at the inaugural event of a long-term and constructive partnership between Fincantieri and Onex. It is another indication of the determination of Italian companies to work together with Greek companies through shared capabilities and experiences.

This has always been, as you know, the approach of Italian companies who trusted and insist on trusting the Greek market for their investments. After all, all the investments that have been made by Italian companies aimed to contribute significantly to the development of Greece’s assets in the industry and infrastructure sectors.

Therefore, I want to send the following strong message to the Greek government and businesses: the aim of the Italian companies is to cooperate with you, to develop together with the Greek companies and to create hubs here in Greece, which could serve the needs other neighbouring countries and regions. Thank you”.

Fincantieri CEO Mr. Pierroberto Folgiero said:

” Our manufacturing strategy is based on a proven model to increase the efficiency of the local partner with technology transfer, leveraging synergies and interconnections between production in Italy and Greece, with a long-term strategy. We also take advantage of a unique feature of the Italian defence industry, where a network of small and medium-sized companies collaborates with global ones: this is exactly what we want to apply in Greece to make Elefsina Shipyards a point of reference .

The President & CEO of ONEX, Mr. Panos Xenokostas stated:

“We are joining forces with the global industry leader Fincantieri, forming a strong American-Italian-Greek alliance based on Greece and the country’s shipyards. Today’s agreement to develop a manufacturing base and support the production line of the state-of-the-art Doha corvettes is just the beginning. The transfer of know-how and the training of workers, craftsmen, executives of the Elefsina Shipyards by Fincantieri is a legacy of national importance. It is about much more than the revival of the shipbuilding industry. Greece is turning into a regional hub for the construction and support of defence platforms. The commitment of both companies is centred on the Greek navy and the allied fleets of the region, including of course the American one.

Unofficial translation by EDR On-Line

Image courtesy Fincantieri