Kvaerner, a European shipbuilding and engineering firm, has agreed to build the first four ships at its Philadelphia yard.

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President of the Confederation of Shipbuilding and Engineering Unions, Bobby Carson, said the announcement was a "devastating blow" to workers across the company, from its management down.

BBC: Yard workers face 'uncertainty'

Born in Athens, Economou first came to America to attend MIT, where he received two masters of science, one in naval architecture and marine engineering, another in shipping and shipbuilding management.

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