Chinese expand Luxury Yacht

2012-09-03

Just six months after his company bought Italian luxury-yacht maker Ferretti, the chairman of a Chinese bulldozer maker says the shopping isn't done.

Tan Xuguang, the chairman of Shandong Heavy Industry Group-Weichai Group, said the state-controlled machinery maker is planning more acquisitions and partnerships in Europe and the U.S. in the coming months.

Shandong Heavy Industry Group-Weichai Group, making diesel engines, transmissions, etc., in January agreed to invest €178 million and to extend €196 million in credit to Ferretti in exchange for a 75% stake in the yacht maker.

Mr. Tan said he has left branding and design to the Italians.

Shandong Heavy's expertise is distribution and sales, he said, adding that he plans to open a luxury-yacht manufacturing center in Shandong.

source:asiasis

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