Naval Group "actively" discussing torpedo tie-up with Leonardo


PARIS, June 14 (Reuters) - Naval Group and Italy's Leonardo are pressing ahead with discussions on a potential tie-up involving torpedoes, the head of the French military shipbuilder said, adding the goal was to counter increasing competition in the sector.

"We have been having active discussions on the (so-called) Marlin project for a year," Naval Group CEO Herve Guillou told reporters on a call, without elaborating on the timing of a final decision.

"On torpedoes we have the same problem as on (military) ships: we are in a very fragmented market ... with more competitors than before so unity means strength," he added.

Guillou made the comments during a call with reporters over the setting up of a 50-50 joint venture on military shipbuilding with Italy'sFincantieri .

The Naval Group CEO said the JV with Fincantieri would not be extended to Leonardo, but added the JV could work with the Italian defence company as well as France'sThales .

This article appears in: World Markets , Stocks
Referenced Symbols: FCT ,

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