Fincantieri Eyes Underwater Deals as Annual Profits Surge
Fincantieri reported a 117 million euro profit. The firm is now scouting for acquisitions in the underwater sector to expand its defense and naval business.
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Fincantieri S.p.A. is actively scouting for acquisition targets to accelerate its expansion into the rapidly growing underwater technology sector. The state-controlled shipbuilder, based in Italy, reported a significant financial turnaround with annual profits rising more than fourfold to 117 million euros ($136 million). This growth was largely driven by its underwater division, which saw revenue surge by 88%.
Chief Executive Pierroberto Folgiero indicated the company's aggressive stance on growth during a call with analysts following the earnings release.
