sail-world.com
 
 
News Home Cruising Photo Gallery Video Gallery

 

Sail-World.com : Chinese Weichai Group takes controlling interest in Ferretti

Chinese Weichai Group takes controlling interest in Ferretti

'Weichai Group now takes a 75% interest in the world’s largest luxury yacht builder, Ferretti.'    Ferretti S.p.A
China's Shandong Heavy Industry, which makes commercial vehicles, construction machinery and other heavy-duty industrial products and its subsidiary Weichai Group (SHIGWeichai Group) has announced that it has reached agreements with the major creditors of the world’s largest luxury yacht maker, the Italian company Ferretti Group ('Ferretti'), to acquire a controlling interest (75%) in Ferretti by participating in Ferretti's debt restructuring.

Through a total investment of 374 million Euros, including equity investment of 178 million Euros and provision of debt financing of 196 million Euros, SHIG-Weichai Group will acquire a 75% interest in the yacht maker after the completion of the debt restructuring procedures. Existing creditors will acquire the remaining 25% interest in Ferretti through a 25 million Euros equity injection and debt to equity swap.

Through the acquisition, Ferretti's capital structure will be fully restructured with equity capital increase by 100 million euros and total debts reduce to a reasonable level at around 120 million euros. The business will enjoy a strong capital base which will help drive its long-term development plans.

Ferretti, the world’s largest luxury yacht manufacturer, boasts one of the worlds most advanced naval research and development centres (AYT the Ferretti Groups Advanced Yacht Technology) and a team of architects and designers (Centro Stile Ferrettigroup). It also has a comprehensive global supply chain, which includes more than 800 suppliers, as well as some of the world's most advanced yacht manufacturing systems.

Ferretti has eight highly regarded and recognized yacht brands and owns a total of eight shipyards in Italy as well as in Miami, USA, and employs nearly 2,000 employees.

Leveraging its ample resources, SHIG-Weichai aims to facilitate Ferretti's expansion in emerging markets such as Asia, with a particular focus on Greater China, which will be an important growth engine for Ferretti's future development. In addition, the Group will provide a range of other resources including capital support to Ferretti to stimulate its rapid business development in both the traditional European and American markets as well as other emerging markets.

After the acquisition, the Group will continue to uphold its operational principle of unifying strategies and resources while operating independently and will retain Ferretti’s key management team, headquarters and production bases in Italy.

Mr Tan Xuguang, Chairman of SHIGWeichai Group, said: 'Developing the yacht business is one of the Groups strategic goals for the next five years. Ferretti, which possesses iconic international brands, state-of-the-art manufacturing technologies, products of the highest quality and an extensive sales network, is an ideal partner.

'Through the acquisition, the Group will cooperate closely with this world-renowned yacht maker, providing Ferretti with new channels to market and capital support as well as other resources with which it can expand more effectively into emerging markets, a key area of potential growth for Ferretti. Synergies between the Group and Ferretti can be unleashed through the sharing of resources and industrial integration.

'Ferretti’s overall competitive advantages in production cost, sales channels, after-sales service and financial strength will be improved, creating a win-win situation that will allow Ferretti to consolidate its leading position in the luxury yacht market.'

Mr Norberto Ferretti, Chairman and Founder of Ferretti Group declared 'We are very proud of this agreement with a prestigious partner such as SHIGWeichai Group. We are strongly convinced that this partnership will lead to very satisfactory results and will provide Ferretti Group with a strong capital base which will allow the development of long-term growth plans.

'Moreover China is one of the most rapidly developing countries for the yachting sector and has great potential for the coming 5 to 10 years.'

SHIGWeichai Group is one of the most competitive equipment manufacturing groups in China offering a broad range of high quality commercial vehicles, construction machinery and other heavy-duty industrial products.

The Group operates four main divisions, namely commercial vehicles, construction machinery, power generation systems and auto parts. In addition to its solid market foundation in China, the Group has also been active in the overseas markets. In 2009, the Group acquired Moteurs Baudouin SA (Baudouin) in France through its subsidiary Weichai Power Co., Ltd. (Weichai Power), which has helped the Group expand into the international high-end yacht business.

After the acquisition, Weichai Power invested an accumulated 30 million euros and implemented multiple measures to improve Baudouins businesses and operations. Several objectives were achieved including the expansion of production scale, the enhancement of its R&D capabilities, as well as the recruitment of local employees. The sales volume of Baudouins engines increased from 74 units in 2009 to 352 units in 2011. The staff numbers rose from 120 in 2009 to 202 in 2011, playing a vital part in establishing Baudouins leading position in the marine power market.

More at www.ferretti-yachts.com




by MarineBusiness-World.com

  

Click on the FB Like link to post this story to your FB wall

http://www.sail-world.com/index.cfm?nid=92754

10:29 PM Tue 10 Jan 2012 GMT






Click here for printer friendly version
Click here to send us feedback or comments about this story.


News - USA and the World













470 Men and Women Worlds - Champs take over leaderboard by 470 International Association Class,






































ISAF Sailing World Championships - Watch medal races live here by Dan Ibsen, Sail-World Europe & UK editor,








470 Men and Women Worlds - Vadlau and Ogar into pole position by 470 International Association Class,




ISAF Sailing Worlds, Santander - Strong competition for RS:X fleets by Olga Maslivets, International RS:X Class Assoc.,




ISAF Sailing Worlds, Santander - Buckingham into Laser Medal Race
U.S. Multihull Championship - Hobie Alter Trophy to be decided
ISAF Sailing Worlds - The kind of form most sailors only dream about
Royal Cup Marina Ibiza - Quantum Racing ahead of target
ISAF Worlds Santander - 19 Rio 2016 Laser Radial spots awarded
Santander 2014 ISAF Worlds - 21 broadcasters to take live coverage
Rolex Swan Cup - Looking forward to the next 30 years
America’s Cup: The Future is foiling – AC45s to be modified
Volvo Ocean Race: Win a stopover trip by designing an ECsix T-Shirt
Red Bull 49erFX: On the eve of the Worlds in Santander
America's Cup: Ben Ainslie Racing launches partnership with Yamaha
2014 Chicago Match Cup - Starts tomorrow
Rio 2016 Daylight the issue for Olympic sailing regatta
ISAF Sailing World Championships - USA 470's and Lasers battle at top
ISAF Sailing World Championships - Santander - Day 5 video highlights
ISAF Sailing World Championships - Santander images by Jesús Renedo
PWA Cold Hawaii World Cup - No action on day 2
470 Men and Women Worlds - Game on for Olympic Qualification
ISAF Sailing World Championships: Finns off to slow start in Santander
ISAF Sailing World Championships - Seesaw Day 5 in Santander + Video
ISAF Sailing World Championships - 470 sailors shine in Santander   
Royal Cup Marina Ibiza - Kiwi Ray Davies returns to TP52 fleet   
Starboard Hatteras Wave Jam - No windsurfing action on day 1   
A complete recap of the most successful Melges 20 World Championship   
Rolex Big Boat Series - Prizegiving images by Chuck Lantz   
ISAF Santander - Upwards path for Austrian women's 470 crew + video   
18ft skiffs: Carnage compilation from the glory days of the Grand Prix   
ISAF Worlds: Video from the British Sailing Team   
Bart's Bash expected to set new records this weekend   
PWA Cold Hawaii World Cup - Marcilio Browne wins Super Session   
470 Men and Women World Championships - Racing abandoned on day 2   
ISAF Sailing World Championships - Day 4 images from Santander   
ISAF Sailing Worlds, Santander: Emerging Nations Program sailors shine   
ISAF Sailing Worlds, Santander - Teasing winds play havoc on day 4   
ISAF Sailing World Championships: Hot conditions in Santander on day 4   
Santander ISAF Sailing World Championships joins Bart’s Bash   
PWA Cold Hawaii World Cup - Grounded fishing boat creates problems   
Marseille One Design - GC32 Armin Strom Sailing Team emerge victorious   
Rolex Big Boat Series 2014 - Ready for another 50 years   
2014 Rolex Big Boat Series - Farr 40 Day 4   


For this week's complete news stories select    Last 7 Days
   Search All News
For last month's complete news stories select    Last 30 Days
   Archive News







Sail-World.com  


















Switch Default Region to:

Social Media

Asia

Australia

Canada

Europe

New Zealand

United Kingdom


http://www.sail-world.com/event_images/image/Twitter_logo_small.png http://www.sail-world.com/event_images/image/FaceBook-icon.png  http://www.sail-world.com/event_images/image/RSS-Icon.png

United States

Cruising Northern

Cruising Southern

MarineBusiness World

PowerBoat World

FishingBoating World

 

Contact

Commercial

News

Search

Contact Us

Advertisers Information

Submit news/events

Search Stories/Text

Feedback

Advertisers Directory

Newsletter Archive

Photo Gallery

 

Banner Advertising Details

Newsletter Subscribe

Video Gallery

Policies

 

 

 

Privacy Policy

 

 


Cookie Policy

 

 



This site and its contents are © Copyright TetraMedia and/or the original author, photographer etc. All Rights Reserved.  Photographs are copyright by law.  If you wish to use or buy a photograph contact the photographer directly.
XLXL NEW US
LocalAds   DE  ES  FR  IT