Italian yacht builder Sanlorenzo Spa formed a joint venture with China-based Sundiro Holding that keeps the majority of the company in the hands of Sanlorenzo chairman Massimo Perotti, but enables Sundiro to build and sell certain Sanlorenzo yachts in China.
Sundiro, which is listed on the Shenzen Stock Exchange and is active in the production of Honda motorbikes on license, signed an agreement that will allow the company to produce Sanlorenzo boats from 10 to 20 meters (32.8 to 65.6 feet) in China, as well as sell the boats in a market that includes China, Hong Kong, Macao and Taiwan.
Motoryachts from 22 to 62 meters (from about 72 to 203 feet) will be built entirely at the Italian Sanlorenzo production sites of La Spezia, Viareggio and Massa Carrara.
The joint venture will lead to a capital increase of 30 million euros, or about $40 million, signed in part by Sundiro and in part by Sanlorenzo shareholders. Sanlorenzo said the arrangement will not change the Italian majority shareholding of the company, which will remain in the hands of Perotti.
“The joint venture with Sundiro Holding represents a very innovative agreement for the entire international nautical market, in which Sanlorenzo — a long-term icon of the ‘Made in Italy’ luxury worldwide — signed a business partnership with an important Chinese group, keeping in Italy both the ownership and the production sites,” Perotti said in a statement.