Weichai Power will acquire Ferretti Yachts, an Italian luxury brand
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On January 10, Weichai Power will formally acquire Ferretti, and Weichai Chairman Tan Xuguang will attend the signing ceremony. It is reported that Ferretti has reached an agreement with the creditors and agreed to be acquired by Shandong Heavy Industry Group. The agreement will reduce Ferretti’s debt from 685 million euros to 116 million. At the same time, the company can obtain another 180 million euros in financing. This not only means Weichai's determination to expand its marine engines, but also demonstrates the firm pace of Weichai's move into the world. 
Italian luxury brands seek to develop the Chinese market
Ferretti Yachts is the flagship brand of Ferretti Group and is the world leader in the design, manufacture and sale of 46- to 88-foot motor yachts. The business was established in 1968 and is currently the second largest yacht manufacturer in Italy. Since the financial crisis in 2008, the demand for luxury yachts in the international market has fallen sharply, and Ferretti’s production and profits have also suffered. In fiscal years 2009–2010, the company’s operating costs exceeded 310 million euros, and gross profit from the previous 7.7 Billion euros fell to 5.1 billion euros.
In order to get out of the current predicament, Ferretti management decided to find new shareholders and funds, and study and formulate the company's future development strategy. According to foreign media reports, Ferretti quoted 350 million euros to sell 75% of its shares to Shandong Heavy Industry, including trademarks, shipyards, and sales networks. This provided an opportunity for the acquisition of Shandong Heavy Industry.
Since Weichai Power (000338.SZ) had previously acquired the 100-year-old French Baudoin Engine Company and already had the engine manufacturing capability for yachts, Weichai Power is expected to share the increase in the volume of business brought about by this acquisition, while the future We also do not rule out Weichai Power's involvement in the yacht business.
Weichai Power Seeks New Growth Point
Since 2011, the performance of Weichai Power has dropped significantly. In the third quarter of 2011, Weichai Power achieved operating revenue of approximately 10.55 billion yuan in one single quarter, a year-on-year decrease of 22.9%, and net profit attributable to shareholders of listed companies was only 1.08 billion yuan, a year-on-year decrease of 31.1%; the company achieved operating revenue of 47.18 billion yuan in the first three quarters. Yuan, a year-on-year increase of 0.6%, achieved a net profit attributable to shareholders of listed companies of 4.58 billion yuan, a year-on-year decrease of 4.6%.
Weichai Power has been looking for new profit growth points. Weichai Power executive director and general manager of technology Sun Shaojun had previously disclosed to the outside world that Weichai Power already possesses the production capacity of yacht engines. Weichai Power will extend the existing yacht engine industrial chain and plan to achieve the adoption of overseas acquisitions from engine manufacturing to The leap in yacht manufacturing, the acquisition target may be the leading yacht manufacturer in the United States or Europe, and related acquisitions will be completed by 2012.
It is understood that since Weichai Power (000338.SZ) had previously acquired the 100-year-old French Baudoin Engine Company and already had the ability to manufacture marine engines, Weichai Power is expected to share in the increase in the volume of business brought about by this acquisition. At the same time, the future does not rule out Weichai Power's involvement in the yacht business.
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Ferretti Yachts has a diverse portfolio of products that have reached the perfect balance between cutting-edge technology and maritime traditions. Every year, Ferretti Yachts will strengthen its dominant position in the increasingly perfect market. Today, the sales of Ferretti Yachts are becoming more and more international. Although most of the company's sales are in Italy, in the growing foreign markets (Europe, the Middle East, the United States and the Far East), so far, 35 dealers have been established to provide customers with quality services. This is also one of Ferretti's strategic advantages.