Fincantieri Marine Group receives $10 million for Wisconsin shipyard upgrades

Fincantieri Marine Group has secured approximately $10 million in combined funding from the U.S. Navy and the Maritime Administration (MARAD) to modernize its Wisconsin shipyards. The investment includes $8.3 million in Navy Shipbuilding Capability Industrial Base (SCIB) funding and a $1.3 million MARAD Small Shipyard Grant.

The funds are designated for expanding advanced manufacturing capabilities, including cutting, forming, welding, and automation. These upgrades aim to improve production efficiency and support the Landing Ship Medium (LSM) program, alongside other current and future shipbuilding requirements. The initiative is intended to strengthen the American maritime industrial base and enhance workforce readiness.

Additionally, the Navy agreement allows Fincantieri to extend its Employee Dependent Care Contribution Program through 2027, providing an annual tax-free $5,000 payment to employees to assist with childcare and elder care costs.