China Zhongwang buys majority stake in SilverYachts

Aluminium exporting giant China Zhongwang has acquired a controlling stake in SilverYachts, a Perth-based shipyard that produces all-aluminium superyachts.

The acquisition was announced in a filing to the Hong Kong Stock exchange yesterday.

China Zhongwang, the second largest aluminium extrusion company worldwide and the biggest in Asia, did not specify the value and size of the stake it bought.

The acquisition was initiated by the Chinese manufacture to expand its presence in the high-end marine sector. Although it is keen to grow its influence in the market, day-to-day operations of the shipyard will not be affected.

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.”

China Zhongwang claimed the deal was a “strategic move for both parties” in a press statement. SilverYachts was planning to open an additional shipyard in China to tap into the growing Asian yacht market and Zhongwang was looking to boost its presence in the still young all-aluminium marine sector.

“The partnership with China Zhongwang marks a new page for SilverYachts” said Guido Krass, founder of SilverYachts. “Dedicated to building all-aluminium superyachts, we are excited to have China Zhongwang on board to provide impeccable support for innovative aluminium applications in the ocean. China Zhongwang’s strong backing will enable us to accelerate out pave of expansion and broaden our market reach. Going Forward, SilverYachts has plans to expand its team in Australia as well as China.

Silveryachts has delivered four yachts: 77-meter Smeralda, 77-meter Silver Fast, 73.3-meter Silver Zwei and 73.3-meter Rabdan all designed by Espen Oino.