Major Chinese aluminium manufacturer China Zhongwang has acquired a majority stake in an Australian shipyard Silver Yachts. The company first plans to open a production facility in China to start building superyachts for the Asian market.
It will also give Silver Global access to a vast pool of resources, as well as valuable synergies with the Asian superyacht market.
Guido Krass, founder of SilverYachts, said: «Strong support from China Zhongwang will allow us to accelerate development and increase market coverage. Moving forward, SilverYachts plans to expand its team in Australia as well as in China».
Since its founding in 2005, Silver Yachts has built four superyachts, including the 77m Silver Fast, which was one of the most impressive premieres of the 2015 Monaco Yacht Show. For next year the yard is preparing to launch its new flagship, the 85m Silver Loft Explorer.
Chinese state-owned China Zhongwang is the world's largest producer of aluminum products for the automotive, railroad and aviation industries.
Lu Changqing, General Manager of the holding company, said: «This acquisition is an important step for China Zhongwang to become an active player in the high-end shipbuilding segment, and greatly expands our international expansion.»,
This is not the first time that Chinese companies have acquired foreign shipyards. For example, in 2013, Chinese investment group Truly Global bought UK-based Sunseeker, also retaining the shipbuilder's headquarters address and brand.
