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









International Moth Worlds: Rashley ahead as Aussies close in by Mark Jardine / YachtsandYachting.com,


















International Moth Worlds - Mothballed on day 4 + Video by Mark Jardine / YachtsandYachting.com,




Gladwell's Line: A change of direction needed in the America's Cup *Feature by Richard Gladwell/Sail-World.com/nz,
























Anna Tunnicliffe set to compete at the CrossFit Games by Anna Tunnicliffe, Pittsburgh, PA












U.S. Junior Women’s Singlehanded Championship - Sophia Reineke wins
BIC Techno 293 Worlds 2014 - Day 0 Opening
Fuerteventura World Cup - Slalom action highlights day 2
2014 Governor's Cup - Sam Gilmour of RFBYC victorious again
Farr 40 West Coast Champ - Skipper Alberto Rossi leads Enfant Terrible
Flying Dutchman World Championships - Magyars are the Masters
Final day shakes up standings at Cape Panwa Hotel Phuket Raceweek
2014 -15 Volvo Ocean Race: Team Alvimedica pushing towards Southampton
NYYC Race Week - Saving the best for last
VX One North American Championship - Chris Alexander commands
2014 Cape Panwa Hotel Phuket Raceweek - Waiting game on Day 3
International Moth Worlds: Thunderstorms delay racing on Day 1
Fuerteventura World Cup - Impressive tricks on day 1
2014 Governor's Cup - Two former winners in the finals
America's Cup: Iain Murray explains reasons for Australian withdrawal *Feature
Wilson and Roble remain number one match racers in U.S.
2014 ISAF Youth Match Racing World Championship - Set to start
PWA Pozo World Cup - Moreno twins dominate home spot
ISAF Youth Worlds - Record breaking regatta in Tavira + Video
Melges 32 European Championship - Robertissima remains out front
Farr 40 West Coast Championship - Italians take one-point lead   
Melges 32 European Championship - Day 3 images by Carlo Borlenghi   
New York Yacht Club Race Week - Marstrom 32 fleet off to anxious start   
Melges 32 European Championship - Day 3 images by Max Ranchi   
CYC Race to Mackinac - Cruising fleet sets sail in 106th edition   
Team Alvimedica getting a touchup   
PWA Pozo World Cup - Plenty of drama on day 5   
ISAF Youth Sailing World Championship - Day 5 Videos   
NYYC Race Week - High performance classes put on shoreside show   
2014 Pacific Cup - 'Invisible Hand' the first boat to finish   
Clipper Round the World Yacht Race - B.C.'s Eric Holden skippers wins   
America's Cup: Updates on Team Australia withdraw   
J/70 North American titles - Brian Keane moves to top of leaderboard   
2016-2017 America's Cup - Team Australia withdraws   
VX One North American Championship - Chris Alexander takes charge   
America's Cup: Team NZ disappointed, but on track after Australians go   
America's Cup: Hamilton Island decides not to proceed with Challenge.   
America's Cup: Challenger of Record withdraws from Regatta   
WWA Wakeboard National Championships head to Waco   
Farr 40 West Coast Championship - Day 2   


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