Ferretti Sails into the China Market with the Whole World in View

Ferretti Sails into the China Market with the Whole World in View PR Newswire BEIJING, Aug. 28, 2012 BEIJING, Aug. 28, 2012 /PRNewswire/ -- Subsequent to Weichai Group's acquisition of a 75% interest in Italian-based Ferretti Group ("Ferretti"), the world's largest luxury yacht manufacturer in January 2012, Weichai Group and Ferretti jointly held a press conference today at the Diaoyutai State Guesthouse in Beijing to announce Ferretti's outlook and strategies in tapping into the China market. In his speech at the press conference, Mr. Tan Xuguang, Chairman of Shandong Heavy Industry Group Co., ("SHIG") and Chairman of the Board of Ferretti, said that Weichai Group's strategic restructuring of Ferretti group would realize three key goals: Firstly, from being a local Chinese brand Weichai Group would leap forward to become international; Secondly, the Group has extended its ground engine manufacturing to encompass maritime engine manufacturing; Thirdly, Weichai Group would go beyond managing a local team to being involved in global operations. Mr. Tan Xuguang said the new Ferretti Group would take advantage of China's market needs and its maritime travel resources to spearhead its business development in China. Mr.