Austal shipbuilding added to S&P ASX 200 index

In a major development for the company, Perth international shipbuilder Austal (ASX: ASB) has been added to the S&P ASX 200 index of top Australian stocks.

S&P Dow Jones announced the addition, as well as a small number of other entries and exits from the elite list of top 200 Australian shares.

Joining the list has major implications for the company’s share price, with many major institutions restricted to investing only in the top 200 shares.

Austal is a leading designer and manufacturer of high speed, aluminium, trimaran and catamaran ferries and naval ships, with yards in Perth, the Philippines, and in the United States.

The company has multi-billion dollar orders from the US Navy for two classes of fast logistics support vessels and its frigate-sized littoral combat ship.

It is also building its first steel hulled vessels in Perth – 21 Guardian class patrol boats which the Australian government is presenting to Pacific Island nations.

Austal is also part of a design competition to design a hull that will for the basis for a massive order of new frigates for the US Navy.

Picture: Austal/Mobile, Alabama

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