Italian builder signs production deal in China

Author:
Updated:
Original:

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.

Click here for the full release.

Related

Quick Hits: March 3, 2021

RBFF’s Take Me Fishing campaign offers embeddable fishing and boating map

MAN Achieves Emissions Certifications

The engine manufacturer, which also announced an extension of its supply partnership with the Ferretti Group, now meets major emissions standards worldwide.

In-Person Palm Beach Show Approved

The city of West Palm Beach OK’d the permit for the four-day show, which opens March 25 with a host of safety precautions.

Distributor Expands ePropulsion Sales Territory

Mack Boring will now offer ePropulsion’s electric outboards in the entire North American and Central American markets.

Registration Still Open for NMMA Webinar

The March 4 State of the Industry webinar includes the presentation of the Marine Industry Customer Satisfaction Index Awards and the Alan J. Freedman Award.

Rollick Secures $8.5 million in Funding

The market strategists said Web traffic in the third quarter of 2020 was up 245 percent on a year-over-year basis.

Time to Cry Foul Over Erie Canal Changes

An act has been introduced in the waning days of New York’s annual budget process that allows no opportunity for public input.