Last January the Shandong Heavy Industry Group-Weichai Group has taken control of one of the most prestigious yacht builders, the Italian Ferretti. The stake acquired was 75%, and the remaining 25% is in the hands of Ferretti's creditors. Shandong Heavy is China's largest bulldozer builder, and at first glance you don't see many synergies with yachts. The acquisition was therefore with a view to a simple diversification of the portfolio, and aimed at bringing the Chinese company into a sector where the growing wealth of the citizens of the Celestial Empire would have procured demand and customers (in 2010 China tripled its imports of yachts compared to 2009).
Ferretti has maintained research, design and construction in Italy, but now there is news of a new factory in China, which will however mainly be for assembling and adapting Ferretti boats to local needs. The plans concern, for the new production unit, a site in Qiingdao, in the province of Shandong. Tan Xuguang, who is chairman of both the Shandong Heavy Industry and Ferretti, said the strategy is to increase sales both in China and in Brazil and Russia, offsetting the slowdown in demand in a Europe in recession.
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