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Ferretti Targets Chinese Market Following Takeover

by Ulrika Lomas, Tax-News.com, Brussels

31 August 2012


Italy-based Ferretti Yachts, the world's largest luxury yacht manufacturer, is developing plans to become the dominant force in the Chinese yacht market following Weichai Group's acquisition of a 75% stake in the company.

Ferretti's new parent Weichai Group is a subsidiary of the one of the most competitive equipment manufacturing groups in China, and also the largest producer of bulldozers in China, Shandong Heavy Industry Group.

Commenting on the prospects for Ferretti in China following the acquisition, the company noted that China offers many opportunities as evolution is under way from China being a "country of production" to a "country of consumption", with an ever-expanding middle and upper class. It is estimated that by 2020, China's yacht market will be worth some RMB50bn (USD7.9bn).

Weichai explained that the decision to acquire Ferretti was to combine China's manufacturing expertise and wealth of domestic and overseas resources, and Ferretti's high-end, world-class brand to enhance value-added to customers, and draw greater attention from US and European markets to the evolving "Made in China" proposition.

The company is reportedly considering establishing a manufacturing base in Qingdao, Shandong province, in the south east of the nation, directly west of South Korea.

TAGS: marine

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