PRINTAGREEMENT BETWEEN TWO LEADING ITALIAN COMPANIES
27 October 2004
On Friday October 29, on the occasion of the most important annual event in international yachting, the Ft. Lauderdale Boat Show, Fincantieri and Benetti will announce their new partnership agreement.
Both companies are regarded as world leaders in their respective markets, Fincantieri in large, high added value ship design and construction and Benetti in luxury yachting, and from now on they will be working together, using their combined know how and long-term experience, to design, market and build megayachts.
It has been agreed that Fincantieri and Benetti will build and market megayachts over 70 metres under the Fincantieri brand and that Benetti will build and market megayachts up to 70 metres under the Benetti brand.
Fincantieri and Benetti have also agreed to jointly develop and build, using the latest technology combined with new and highly innovative systems, new yacht projects, which will be marketed under the Benetti-Fincantieri trademark. It is also planned to extend this alliance to include the development and construction of patrol boats.
This agreement is aimed at creating a well structured, complete and highly diversified concern which is unprecedented and which will have the potential to open up to the Italian shipbuilding industry important market shares in megayacht development and construction that are, at present, presided over by foreign builders.
This joint-venture is also sure to have a significant and positive effect on the yacht industry as a whole, creating additional job opportunities and an increased requirement for skilled labour.
Working together, Benetti and Fincantieri will jointly provide their clients with a strong technical background, long-term experience and the building capacity and industrial efficiency to allow them to meet the discerning requirements of their megayacht clientele. Offering competitive prices and attractive delivery schedules for a high technology product, the two companies also have the added guarantee of being amongst the strongest and most financially sound in the industry.
Fincantieri has substantial production facilities able to meet all the needs of the megayacht building industry today and in the future and has consistently proven its ability to manage complex projects whilst meeting tight deadlines and performance requirements. This ability has grown out of the development and construction of large passenger ships, high speed ferries, naval vessels and custom projects such as the “Destriero”, which was designed and built by Fincantieri in an incredibly short time. “Destriero” won the coveted Blue Ribbon award and set a record for crossing the Atlantic without refuelling at an average speed of about 53 knots and a maximum speed of 70 knots.
From Fincantieri’s extensive knowledge and advanced building methods, derived from the design and construction of high-tech naval vessels, it will be possible to derive pivotal solutions which will enhance, improve and create excellence in the development and production of megayachts.
Benetti is a world-wide leader in the megayacht industry with more than a hundred years experience in ship and yacht building. The shipyard, founded in 1873, has formed part of the Azimut-Benetti Group since 1985 and currently operates from yards in Viareggio, Livorno and Fano. Benetti yachts are renowned worldwide as being of supreme elegance, where fine materials and craftsmanship meet high technology and advanced building techniques, giving the most refined example of “Made in Italy”.
This level of excellence is based on a profound knowledge of the needs and wishes of megayacht owners combined with the flexible organization required to manage this demanding market. This ability is readily acknowledged by the market and by leading nautical magazines. Azimut-Benetti has developed over the last 10 years and has averaged a stunning 26% annual growth rate while the international press has consistently placed the group at the top of the megayacht industry for the last 6 years.
Together the two companies will express their particular, distinctive features which are recognised abroad as hallmarks of a top range Italian product, which is the result of a proper, creative use of engineering and technology and is able to draw on a high level, expert craftsmanship.
Giuseppe Bono, Chief Executive Officer of Fincantieri commented on the joint venture: “We are extremely pleased to have the possibility of working with Benetti, an ideal partner, a market leader and a major force in the international yachting business”. He added “with this joint venture Fincantieri is entering through the main door into the megayacht market where our ambition is to acquire a leading international reputation using the experience already gained in a market where we are already acknowledged world leaders.”
Commenting on this agreement the Azimut-Benetti President, Paolo Vitelli said: “We have reached absolute leadership in our market constructing the most elegant and advanced megayachts. But there is a market demand for yachts over 70 metres which until yesterday the Italian yachting industry could not satisfy. Our partnership with Fincantieri puts us in an excellent position to respond to this demand. Fincantieri’s technical knowledge and professionalism will be supported by our knowledge of the yachting market and together we will strive to become world leaders of the very sophisticated super-megayacht market”.
Both companies are regarded as world leaders in their respective markets, Fincantieri in large, high added value ship design and construction and Benetti in luxury yachting, and from now on they will be working together, using their combined know how and long-term experience, to design, market and build megayachts.
It has been agreed that Fincantieri and Benetti will build and market megayachts over 70 metres under the Fincantieri brand and that Benetti will build and market megayachts up to 70 metres under the Benetti brand.
Fincantieri and Benetti have also agreed to jointly develop and build, using the latest technology combined with new and highly innovative systems, new yacht projects, which will be marketed under the Benetti-Fincantieri trademark. It is also planned to extend this alliance to include the development and construction of patrol boats.
This agreement is aimed at creating a well structured, complete and highly diversified concern which is unprecedented and which will have the potential to open up to the Italian shipbuilding industry important market shares in megayacht development and construction that are, at present, presided over by foreign builders.
This joint-venture is also sure to have a significant and positive effect on the yacht industry as a whole, creating additional job opportunities and an increased requirement for skilled labour.
Working together, Benetti and Fincantieri will jointly provide their clients with a strong technical background, long-term experience and the building capacity and industrial efficiency to allow them to meet the discerning requirements of their megayacht clientele. Offering competitive prices and attractive delivery schedules for a high technology product, the two companies also have the added guarantee of being amongst the strongest and most financially sound in the industry.
Fincantieri has substantial production facilities able to meet all the needs of the megayacht building industry today and in the future and has consistently proven its ability to manage complex projects whilst meeting tight deadlines and performance requirements. This ability has grown out of the development and construction of large passenger ships, high speed ferries, naval vessels and custom projects such as the “Destriero”, which was designed and built by Fincantieri in an incredibly short time. “Destriero” won the coveted Blue Ribbon award and set a record for crossing the Atlantic without refuelling at an average speed of about 53 knots and a maximum speed of 70 knots.
From Fincantieri’s extensive knowledge and advanced building methods, derived from the design and construction of high-tech naval vessels, it will be possible to derive pivotal solutions which will enhance, improve and create excellence in the development and production of megayachts.
Benetti is a world-wide leader in the megayacht industry with more than a hundred years experience in ship and yacht building. The shipyard, founded in 1873, has formed part of the Azimut-Benetti Group since 1985 and currently operates from yards in Viareggio, Livorno and Fano. Benetti yachts are renowned worldwide as being of supreme elegance, where fine materials and craftsmanship meet high technology and advanced building techniques, giving the most refined example of “Made in Italy”.
This level of excellence is based on a profound knowledge of the needs and wishes of megayacht owners combined with the flexible organization required to manage this demanding market. This ability is readily acknowledged by the market and by leading nautical magazines. Azimut-Benetti has developed over the last 10 years and has averaged a stunning 26% annual growth rate while the international press has consistently placed the group at the top of the megayacht industry for the last 6 years.
Together the two companies will express their particular, distinctive features which are recognised abroad as hallmarks of a top range Italian product, which is the result of a proper, creative use of engineering and technology and is able to draw on a high level, expert craftsmanship.
Giuseppe Bono, Chief Executive Officer of Fincantieri commented on the joint venture: “We are extremely pleased to have the possibility of working with Benetti, an ideal partner, a market leader and a major force in the international yachting business”. He added “with this joint venture Fincantieri is entering through the main door into the megayacht market where our ambition is to acquire a leading international reputation using the experience already gained in a market where we are already acknowledged world leaders.”
Commenting on this agreement the Azimut-Benetti President, Paolo Vitelli said: “We have reached absolute leadership in our market constructing the most elegant and advanced megayachts. But there is a market demand for yachts over 70 metres which until yesterday the Italian yachting industry could not satisfy. Our partnership with Fincantieri puts us in an excellent position to respond to this demand. Fincantieri’s technical knowledge and professionalism will be supported by our knowledge of the yachting market and together we will strive to become world leaders of the very sophisticated super-megayacht market”.