Ferretti Group intends to open an assembly plant in China according to Bloomberg News.
Tan Xuguang, chairman and majority-owner Shandong Heavy Industry Group-Weichai Group, told reporters that the facility will customize vessels for the local market.
Bloomberg News reported that Ferretti plans to increase sales in China, Brazil and Russia according to Tan said. Shandong Heavy, China’s biggest maker of bulldozers, agreed to buy 75 percent of the yachtmaker from creditors in January for 178 million euros ($222 million).
Ferretti Group, makers of Ferretti, Pershing and Bertram yachts, will continue to manage and will maintain headquarters and production facilities in Italy.