Italian yachtmaker Ferretti plans China plant

Ferretti Group, whose Riva unit made boats for celebrities including Sean Connery, intends to open an assembly plant in China as its new Chinese parent seeks to drive up sales in the world's most-populous country.

Tan Xuguang, chairman of the company and of its majority-owner Shandong Heavy Industry Group-Weichai Group, told reporters in Beijing on Tuesday that the Italian yachtmaker is considering plans for the facility in Qingdao, Shandong province. The plant will customize vessels for the local market, he said.

Tan said Ferretti plans to boost sales in emerging markets led by China, Brazil and Russia, as the eurozone debt crisis saps demand in Europe. 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).

The boat builder, which also makes Ferretti, Pershing and Bertram brand yachts, will retain its existing management as well as its headquarters and production facilities in Italy, the two companies said in January.

Ferretti yachts can cost more than $100 million.

China Daily-Agencies