Onex Shipyards sign agreement with Italian company for corvette construction

Onex Shipyards

Elefsis Shipyards owners Onex Shipyards & Technologies Group, of American interests, and Italy-based shipbuilders Fincantieri signed an agreement on Friday for a production and maintenance line of corvettees at the Elefsis Shipyards.

Signing at the Development & Investment Ministry were Fincantieri CEO Pierroberto Folgiero and Onex President and CEO Panos Xenokostas.

Also present were Minister Adonis Georgiadis, Alternate Minister Nikos Papathanassis, Italian Ambassador to Athens Patrizia Falcinelli, and Fincantieri's Naval Vessels Division General Manager Dario Deste.

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Among other points, the agreement contains the following:

- Construction of 2+1 cutting-edge corvettes at Onex Elefsis Shipyards, with the needed upgrades, improvements, technical know-how, and transfer of technology, and outfitting, calculated at around 80 million euros;

- Creation of 2,500 new job openings in the shipbuilding sector; and

- Collaboration with multiplier-effect benefits for the Greek economy and defense, along with the prospect of further collaborations between the two groups in future programs to build war and merchant ships.

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