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Ferretti Group approves growth plan - Trade Only Today

Ferretti Group approves growth plan

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The Ferretti Group approved an 80 million euro (about $105 million) share capital increase to support the group’s relaunch and growth industrial plan.

Ferretti International Holding, the sole shareholder of Ferretti, resolved the capital increase at a recent shareholders’meeting.

The share capital increase the shareholders approved considerably boosts the investment that the Ferretti shareholders, and in particular the majority shareholder — Weichai Group Holding Hong Kong Investment Co. Ltd. — made in Italy.

The result is that the Ferretti Group's capital and finances are “significantly strengthened, thanks to financial instruments allowing the new relaunch and growth industrial plan to be implemented,”the company announced.

"The capital increase of Ferretti International Holding is an essential step forward in pursuing the objectives of the new industrial plan and it is one more demonstration of the Ferretti Group's ability to attract capital in Italy from selective global investors like Weichai Group Holding Hong Kong Investment Co. Ltd., which decided to further invest in one of our country's excellence," Ferretti CEO Alberto Galassi said in a statement.

"I thank the shareholders for their confidence, and in particular the Weichai Group, which confirmed its unwavering will to support the Ferretti Group in the path of relaunch and growth outlined in our new industrial plan by providing the company with the financial means that will allow us to reinforce our leadership worldwide,” Galassi said.

Ferretti International Holding is the holding company of Ferretti, in which the reference shareholder Weichai Group Holding Hong Kong Investment Co. Ltd., The Royal Bank of Scotland Plc and SVP Special Situations LLC, through several investment funds and vehicles related to it, and other minority shareholders, hold interests.

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