Australian shipyard SilverYachts has announced a strategic partnership with China Zhongwang Holdings, making the Chinese firm the new majority stakeholder of the Perth-based yacht builder. The amount paid by China Zhongwang, the world’s second largest aluminium manufacturer, remains undisclosed.
The deal is of significant benefit to both parties, as SilverYachts look to establish an additional shipyard in China to build superyachts for the Asian market and China Zhongwang hopes to expand its presence in the high-end marine sector.
Guido Krass, founder of SilverYachts, commented, “The partnership with China Zhongwang marks the start of an exciting new era for SilverYachts. Having China Zhongwang on board will allow us to continue to create and build innovative aluminium superyachts for the world market.”
The day-to-day running of SilverYachts will remain unchanged and managing director Dave Woods continues to lead the brand’s development.
Mr. Lu Changqing, president and executive director of China Zhongwang, said, “We are delighted to join hands with SilverYachts to navigate the high-end marine sector at full speed. The acquisition is a significant step for China Zhongwang to become an active player in the high-end marine segment, and adds considerably to our international expansion.”
Meanwhile, SilverYachts is currently hard at work building the 85m Silver Loft, an 85m world-explorer motor yacht.