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Shandong Heavy takes control of Ferretti

01-11-2012 10:57 BJT

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In the latest series of Chinese acquisitions of European brands, machinery maker Shangdong Heavy Industry Group has sealed a deal to take a 75 percent stake in debt-laden Italian yachtmaker Ferretti Group.

Shandong Heavy will invest a total of 374 million euros, including a 178 million euro equity investment and the provision of 196 million euros in debt financing.

The global yacht market has been in decline since the financial crisis in 2008, leading to an industry consolidation, while China’s yacht imports increased threefold from 2009 to 2010, according to the joint statement.

Analysts say the deal will help Ferretti better tap into the 7 billion euro global yacht industry and meet growing Chinese demand for luxury goods in the coming five to ten years.

 

Editor:Zhang Rui |Source: CNTV.CN

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