Greek gov’t confident Elefsina Shipyard will reopen in near future under multinational management

Greece’s development and investments minister on Thursday referred to a new and brighter prospect for the insolvent Elefsina Shipyards – due west of the port of Piraeus – speaking at an event organized by the NYC-based investment group ONEX and Italian shipbuilding giant Fincantieri S.p.A.

In his remarks, Greek Minister Adonis Georgiadis said the Hellenic Navy and the country’s defense ministry have pledged to approve of a restructuring plan for the shipyard by the end of this month. He also cited a most recent court ruling opening the way for the industrial concern’s reopening under new management.

If all goes as planned, Elefsina Shipyards will reopen with a Greek, Italian and US presence, via ONEX, which now operates the smaller Neorion yard on the Cyclades Island of Syros.

On his part, US ambassador Geoffrey Pyatt, who also spoke at the event, later took to his Twitter account to state that “…Pleased to join Adonis Georgiadis in reaffirming US commitment to support the revival of the Greek shipbuilding industry at the Elefsina & Skaramangas shipyards, strategic assets that are poised to contribute to the next generation of Greek Naval sea power.”

He also referred to a standing Lockheed Martin bid to modernize surface vessels for the Hellenic Navy and supply new frigates sought by Greece’s navy.