The Ferretti Group's Chinese partner...

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The Ferretti Group's Chinese partner...

Industry News

A JV deal with the Shandong Heavy Industry Group will see new designs and brands built and sold in the ‘Greater China’ zone.

JULY 2011

The Ferretti Group has signed a non-binding MOU (memorandum of understanding) with Shandong Heavy Industry Group (SHIG), a major Chinese manufacturer of diesel engines, transmissions, commercial vehicles, and construction equipment. This joint-venture deal intends encompassing the design, build and sale of motoryachts for the market of Greater China (China, Hong Kong, Taiwan and Macao) and other emerging markets.
SHIG is the largest manufacturing industry group in Shandong Province, which is located on China’s east coast; its major ports are Qingdao, Yantai and Weihai. To put some scale to SHIG, in 2010 it recorded a turnover of €7.36 billion and net profits totalling €1.14 billion.
We understand SHIG is looking at injecting cash into the Ferretti Group for a minority stake.
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© Phil Draper