Looking offshore, Fincantieri buys Remazel
Written by Nick Blenkey
Fincantieri CEO Pierroberto Folgiero: Acquisition strengthens Fincantieri’s position in underwater operations and offshore wind. [Image: Screengrab fom YouTube video]
Looking to strengthen its position in the offshore and subsea sectors, Italian shipbuilding giant Fincantieri is to acquire Chiuduno, Italy, headquartered Remazel Engineering S.p.A. from Advanced Technology Industrial Group S.A.
Remazel is particularly focused on the design and supply of highly complex topsides systems and on launch and recovery solutions for underwater vessels, particularly those used in the offshore and subsea sectors. With long experience in offshore oil and gas applications, lately it has booked an increasing number of offshore wind related contracts.
With more than 160 employees, mainly based in Italy, the company recorded revenues in excess of EUR 100 million in 2022. The acquisition is set to close by the end of first quarter 2024 with the purchase price being calculated on the basis of a EUR 78 million enterprise value, subject to adjustments.
“This transaction represents the first important step of the development strategy in the offshore and subsea technological operations sector, while favoring the consolidation in Italy of one of the outstanding players in the Italian industrial world,” said Fincantieri CEO Pierroberto Folgiero. “The distinctive engineering and technological expertise of Remazel, a leader in its sector, enables the group to consolidate its role as an integrator of complex systems and as a partner for our customers throughout the life of naval vessels and their most value-added equipment. Remazel’s current positioning also allows Fincantieri to strengthen its position in fast-growing sectors, such as underwater operations and offshore wind, covering the most value-added activities in the value chain. The underwater sector in particular represents a new geopolitical arena of great strategic importance in both the civil and defense domains.”
“The vision of joining forces with Fincantieri, a pillar of Italian industry, certainly represents a significant step in the history of Remazel, in the consolidation of skills and talents, and in the promotion of company growth in the territory,” said Remazel CEO Andrea Rosa. “Our experience in the offshore sector is a valuable asset, and we believe that collaborating with a partner like Fincantieri can create new synergies, broadening the impact of our solutions at international level to address emerging challenges in the context of the energy transition. We look with confidence to the growth opportunities that this possible acquisition could offer; joining forces with Fincantieri would allow us to explore new horizons and face market opportunities with determination, flexibility and innovation, qualities that will continue to distinguish our organization in the future.”
