Ferretti Group signed a non binding agreement with chinese company Shandong Heavy Industry Group ("SHIG")
Tuesday, July 19, 2011
Forlì, 19th July 2011– The Ferretti Group, a world leader within the sphere of the design, construction and sale of motoryachts which encompasses a unique portfolio of some of the most exclusive, most prestigious brands in the nautical world, signed a non bindingMemorandum of Understanding with Shandong Heavy Industry Group (“SHIG”) – a Chinese holding, controlling leading companies in the sector of engines, generators and propulsion systems – for the creation of a joint-venture, with the aim of developing an industrial partnership for the design, production 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, located in east coast of China, with major port cities Qingdao, Yantai, and Weihai, and the second largest province by economy.
The initiative, which focuses on the development of new brands and models, has the purpose of exploiting synergies starting with the respective technological and industrial skills, and will not determine impacts on the current production set up of the Group, traditionally based in Italy.
Moreover, SHIG will evaluate the possibility to make a cash investment into the Group, for the acquisition of a minority shareholding.
Following the signing of such a non binding Memorandum of Understanding, Ferretti Group and SHIG will continue to further evaluate the possibility to carry-out the envisaged transactions, that would in any case be subject to, inter alia, all customary due diligence investigations as well as the required approvals and consents from the Ferretti Group’slender and holders of financial participating instruments and the competent authorities.