News: World’s Largest Luxury Yacht Manufacturer, Ferretti Group, Taken Over by China’s SHIG-Weichai Group

Photo Source: Ferretti Group

Late last year the Italian company Ferretti Group announced that it was in talks with potential lenders about restructuring to reduce debt and raise new money.  Today the company announced that they have found their partner and reached an agreement.  China’s Shandong Heavy Industry Group – Weichai Group took a controlling share of the company (75%) for 374 million euros (about $476 million).  The Ferretti Group has 8 brands including Ferretti Yachts, Pershing S.p.A., Itama, Bertram Yacht, Riva S.p.A., Mochi Craft, CRN S.p.A. and Custom Line.  Bertram Yacht is the only American manufacturer of the group.

Mr. Norberto Ferretti, chairman and founder of Ferretti Group said, “We are very proud of this agreement … China is one of the most rapidly developing countries for the yachting sector and has great potential for the coming 5 to 10 years”.  Mr. Ferretti is right, strength and growth of that market sector has attracted many a luxury brand recently.  The Chinese market was the main reason GM choose to keep their Buick brand during their restructuring, 90% of their Buicks were paid for in cash.  Best of luck to you Ferretti Group. 

You can read more about the acquisition in the full press release from the Ferretti Group.

News Source: Trade Only Today, Ferretti Group press release, and Autoblog