The agreement between Lloyds Engineering and FINCANTIERI S.p.A. is a formal arrangement outlining how the two companies will work together. Here’s a breakdown of its key points, explained in simpler terms:
Table of Contents
Toggle1. Agreement
An agreement is a formal understanding between two parties. In this case, Lloyds Engineering and FINCANTIERI S.p.A. have agreed to collaborate on certain projects.
2. Collaboration
Collaboration means working together to achieve shared goals. The agreement involves joint efforts in designing, manufacturing, training, and servicing equipment for specific projects.
3. Localization
Localization is about customizing products or services to suit a particular region or market. Lloyds Engineering and FINCANTIERI plan to adapt their equipment and items to meet the needs of specific areas or customers.
4. Commercialization
This refers to bringing a product or service to market to generate profit. The companies aim to jointly construct and market the specified equipment and items.
5. Disclosure
Disclosure means making information publicly available. Lloyds Engineering is required to share details of this agreement to comply with regulations promoting transparency in business deals.
6. Shareholding
Shareholding involves owning part of a company. The agreement makes it clear that Lloyds Engineering is not acquiring any ownership in FINCANTIERI S.p.A.
7. Nominee Director
A nominee director represents the interests of a specific shareholder on a company’s board. The agreement states that Lloyds Engineering does not have the right to appoint a nominee director to FINCANTIERI’s board.
Key Takeaway
This agreement is a partnership where Lloyds Engineering and FINCANTIERI S.p.A. will work together to create, adapt, and sell products for particular markets. The collaboration focuses on mutual goals, with no ownership or board representation involved.