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Palumbo Group bought its third shipyard in a year and a half

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Palumbo Group has invested over €10 million in the purchase of a site in Savona, which belonged to an Italian shipbuilder Mondomarinewhich went bankrupt last year. The company's management intends to revive the shipyard's activities and restore jobs.

The vessel has been leased to a new owner on a 6-month lease followed by a buy-out. In processing the deal, Palumbo was not even deterred by the fact that the liquidation of Mondomarine was accompanied by a scandalous fraud lawsuit.

The company has created a new legal entity for the facility under the name Savona Superyachts and plans to use it, among other things, for the refit of cruise ships, ranking third in the world in this area.

«To be able to operate and be successful in a competitive environment, we need to continue to grow and focus on the potential of this area. We plan to introduce our philosophy and passion to this yard and bring it back to its former glory ," said Group CEO Antonio Palumbo».

This turn of events has pleased both clients and workers at the bankrupt shipyard.

All of Mondomarine's unfinished projects have been distributed to the new owner for completion and 9 laid-off employees have already returned to work.

Palumbo promises that when the shipyard is fully taken over by the firm, most of the former workers will be reinstated, and possibly all 57.

In the last year and a half this is already the third acquisition for Palumbo Group. Firstly it became the owner of the production site in Tenerife, and then won the tender for the purchase of the bankrupt shipyard. ISA.

With this deal the firm has increased its portfolio to 8 sites, including its headquarters in Monaco, and placed itself among the leaders among European shipyards.

Prior to the financial difficulties, Mondomarine was a prominent player in the Italian superyacht building sector, producing more than 30 boats in 25 years. Notable examples of her most recent work include the 50m Ipanemalaunched in 2016 and the 60 M, one of the most striking of her recent productions. Sara Star, which was one of the striking premieres at the Monaco Yacht Show in September 2017.

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