(Alliance News) - Fincantieri Spa announced Thursday that, through its subsidiary WASS Submarine Systems, it has signed an agreement with Magellan Aerospace Corporation to identify and develop areas of industrial cooperation aimed at strengthening Canadian defense sovereignty and enhancing the country's underwater defense capabilities.

The deal was signed at CANSEC 2026, the premier defense trade show held in Ottawa, Canada.

Under this collaboration, WASS Submarine Systems and Magellan will work together to explore opportunities for Canadian industrial participation in the heavy-weight torpedo and countermeasure systems sector.

As the blue chip explained, the areas of collaboration include the production of components, energy sections, and sub-assemblies, final assembly and factory testing activities, as well as maintenance and life-cycle operational support for the systems.

'The agreement provides a foundation for progressive cooperation between the two companies, contributing to the development in Canada of a sustainable and competitive industrial capability throughout the entire life cycle of underwater defense systems', Fincantieri stated.

'By combining WASS's established expertise in underwater defense systems with Magellan's deep-rooted industrial presence in Canada, the collaboration aims to support the long-term development of sovereign capabilities in the underwater domain, strengthen local industry involvement, and foster sustainable management of activities within the country'.

Fincantieri shares were up 0.1% at EUR10.89 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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