The Ferretti Group, the Italian luxury ship builder that’s constructed super yachts for the likes of Brigitte Bardot and Sean Connery, is considering the opening of an assembly plant in China.
Plans for the facility were initiated after the group’s new Chinese parent seeks to drive up sales in the world’s most populous country where millionaires are being born every day. The facility will most likely be built in the Qingdao, Shandong province.
As the Euro-zone debt crisis sapped the demand for luxury vessels in Ferretti’s home continent, the company plans to boost sales in emerging markets led by China, Russia. China’s biggest maker of bulldozers, Shandong Heavy, agreed to buy 75 percent of the yachtmaker in January for 178 million euros or $222 million. On top of focusing on emerging markets where the potential is highest, the company will continue to focus on the United States and Europe as well.
Source: Bloomberg Business Week
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