To Shandong Heavy Industry Group 75% of the Ferretti Group will go



The Ferretti Group has confirmed that the Chinese Shandong Heavy Industry Group Co. - Weichai Group (SHIG-Weichai) has reached an agreement with the main creditors of the Italian group in order to acquire a quota control of the company, participating to the restructure of the debit ( on 16 December 2011).

Ferretti has specified that SHIG-Weichai, through a total investment pairs to 374 million euros, that it includes an investment in vital the pairs to 178 million euros and the equipment of new credit lines for a total of 196 million euros, will acquire a participation of 75% of the Ferretti Group, as a result of the completion of the procedures for the restructure of the debit.

Moreover, the current creditors will acquire having remained 25% of the Ferretti Group, through a vital injection of pairs to 25 million euros and a conversion of the debit in capital.

As a result of the operation the structure of the capital of the Ferretti Group therefore will completely be renewed through a vital increase of from 100 million euros and a reduction of the total indebtedness - it has emphasized the Italian group - to a sustainable level pairs to about 120 million euros.

"To develop the business of the yachts - the president of SHIG-Weichai has commented, Tan Xuguang - it is one of our strategic objectives for next the five years. Ferretti, that it boasts a prestigious pocketbook of international brands, productive technologies to the vanguard, producing of maximum quality and a capillary commercial net, is for us an ideal partner. As a result of the acquisition, SHIG-Weichai will closely collaborate with the Ferretti Group, guaranteeing new channels of distribution, patrimonial support and other resources that will be able to use in emerging markets for a more effective expansion, an area key of potential increase".

"Many the possible synergies between SHIG-Weichai and Ferretti - it has continued Xuguang - that they could be realized through the sharing of resources and industrial integration. As a result of the agreement therefore will be optimized the production costs, let alone upgraded the commercial channel, the service post-sale and the solidity financial institution, creating so great competitive advantages that will afford to the Ferretti Group to ulteriorly consolidate the position of world-wide leadership in the market of the luxury yachts".

"We are very proud of this agreement with a prestigious partner as SHIG-Group Weichai", it has declared the president and founder of the Ferretti Group, Norberto Ferretti. "Firmly we are convinced - it has added - that this partnership will carry to very satisfactory results and will give to our group a greater patrimonial solidity that will allow us to realize our programs of increase of along term. Moreover China is one of the Countries in which the field of the luxury yachts it is being developed more quickly, with large a growth potential in next the 5-10 years".

The Italian group has evidenced that, being able to count on wide resources, SHIG-Weichai the objective is set to contribute in emerging markets to the ulterior expansion of the Ferretti Group as that Asian, with particular reference to the Greater China, strategic area for the future increase of the Ferretti Group. Moreover, SHIG-Weichai will supply ulterior resources to the Italian group between which the support financial, in order to contribute to the fast expansion of the business it is on the traditional, European markets and Americans, are on the emergent markets.