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State to support Fincantieri Marinette Marine’s expansion with up to $12 million in tax credits

fincantieri marinette marine
Posted at 2:37 PM, May 12, 2022
and last updated 2022-05-12 15:37:29-04

MARINETTE (NBC 26) — Fincantieri Marinette Marine’s expansion will be supported with up to $12 million in state tax credits, Gov. Evers announced Thursday.

Gov. Tony Evers made the announcement while joined by the Wisconsin Economic Development Corporation at an event celebrating the opening of Fincantieri Marinette Marine’s newest facility.

Fincantieri Marinette Marine is currently under contract with the U.S. Navy to produce two guided-missile frigates, the first in the Constellation class at a cost of about $553.8 million each. The Navy has an option to order up to eight more of the ships, with a total contract value of about $5.5 billion.

According to a news release from the governor, FMM constructed its largest building at the Marinette shipyard that will allow the company to work on two of the frigates at the same time year-round in a climate-controlled facility.

Gov. Evers, WEDC Deputy Secretary, and COO Sam Rikkers, workers and city of Marinette officials celebrated the opening of Building 34 on Thursday. Building 34 is where pieces constructed by workers in Marinette and the company’s Sturgeon Bay location, Fincantieri Bay Shipbuilding, will be assembled into the new ships.

Fincantieri has announced plans to invest at least $100 million in improvements to the Marinette and Sturgeon Bay shipyards and create 400 jobs during the next three years. The actual amount of tax credits the company earns will depend on meeting its goals for capital expenditure, training and hiring, the governor's office said.