Chinese firm buys 75% in yacht maker
Source: Agencies |
January 11, 2012, Wednesday
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Print Edition
Print Edition
A Chinese company yesterday said it has bought a 75 percent stake in a major European yacht manufacturer, Italy's Ferretti Group, for 374 million euros (US$480 million) in the latest Chinese acquisition in Europe.
Shandong Heavy Industry Group-Weichai Group said it would help Ferretti expand distribution in China and other emerging markets.
"Developing the yacht business is one of the group's strategic goals for the next five years," SHIG-Weichai Group's Chairman Tan Xuguang said in a statement.
The deal is part of a debt restructuring for Ferretti, which was hurt by the 2008 global crisis and weak demand. It includes an equity investment of 178 million euros and debt financing of 196 million euros.
Ferretti, which says it is the world's biggest luxury yacht maker, has eight shipyards in Italy and in Miami, Florida, with nearly 2,000 employees.
SHIG-Weichai Group, based in Jinan in Shandong Province, makes commercial vehicles, construction machinery and other heavy duty industrial products. It entered the marine engine business in 2009 by acquiring France's Moteurs Baudouin SA.
Ferretti's Chairman Norberto Ferretti said the new alliance will give the firm a sound capital base and expanded sales potential.
Shandong Heavy Industry Group-Weichai Group said it would help Ferretti expand distribution in China and other emerging markets.
"Developing the yacht business is one of the group's strategic goals for the next five years," SHIG-Weichai Group's Chairman Tan Xuguang said in a statement.
The deal is part of a debt restructuring for Ferretti, which was hurt by the 2008 global crisis and weak demand. It includes an equity investment of 178 million euros and debt financing of 196 million euros.
Ferretti, which says it is the world's biggest luxury yacht maker, has eight shipyards in Italy and in Miami, Florida, with nearly 2,000 employees.
SHIG-Weichai Group, based in Jinan in Shandong Province, makes commercial vehicles, construction machinery and other heavy duty industrial products. It entered the marine engine business in 2009 by acquiring France's Moteurs Baudouin SA.
Ferretti's Chairman Norberto Ferretti said the new alliance will give the firm a sound capital base and expanded sales potential.
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