Fincantieri to acquire U.S. shipbuilder

MANITOWOC, Wis., Aug. 4 (UPI) -- Fincantieri Marine Group Holdings announced plans to acquire Wisconsin-based Manitowoc Marine Group through a stock buyout agreement.

The definitive purchase agreement announced Monday for Manitowoc Marine Group is worth $120 million. U.S. defense contractor Lockheed Martin says it will take part in the acquisition deal as a minority investor with Fincantieri.

Manitowoc Marine Group is a shipbuilding and repair facility for the military, among other government and civilian customers with vessels in the Great Lakes.

"This transaction expands the opportunities for MMG to continue its industry leadership in the future," Glen Tellock, Manitowoc president and chief executive officer, said in a statement.

"More importantly, it will allow MMG to become part of a growing, global organization that is exclusively focused on commercial and military shipbuilding."

The all-cash transaction, subject to U.S. antitrust and certain U.S. security agencies, is expected to close before January 2009.