Navantia to Build Five F-110 Frigates for Spanish Navy

Spain's state-owned shipbuilder Navantia has won 4.3 billion euros (US $4.9 billion) contract to build five F-110 frigates for the country's navy

In a statement by the ministry for regional affairs Thursday, it said the cabinet would on Friday give its green light for construction of the F-110 frigates in the industrial city of Ferrol in the northwestern region of Galicia dubbed Spain's Detroit for its slow decline over the years.

The agreement "entails an investment of 4.325 billion euros ($4.9 billion) and the creation of 7,000 jobs," the ministry quoted Javier Losada, the central government's representative in Galicia, as saying.

"There will be direct and indirect added value of 5.4 billion euros (US $6.1 billion)," Losada was quoted as saying.