Weichai’s Owner Takes Over Yacht Builder
Shandong Heavy, parent company of diesel engine maker Weichai Power Co Ltd., is taking a 75% stake in Italian yachtmaker Ferretti Group.
According to reports, Shandong said the company would provide Ferretti with resources including “new marketing channels and capital support to expand more effectively into emerging markets.”
Shandong Heavy, which makes construction machinery, power systems, commercial vehicles and auto parts, will seek a separate listing for Ferretti in Hong Kong in three to five years, the company said.
The deal would help Ferretti better tap the global yacht industry and meet growing Chinese demand for luxury goods for the coming five to 10 years, said Norberto Ferretti, Ferretti’s group chairman.
For more information: www.sdhigroup.com