Palumbo Group acquires Mondomarine Facility

Palumbo Group has acquired the former Mondomarine shipyard in Savona, Italy.

The Malta-based yacht holding bought up the historical Italian shipyard on a six month lease after Mondomarine went bankrupt at the end of December, resulting in the loss of 57 jobs.

In acquiring the facility, Palumbo Group immediately rehired nine of the former Mondomarine employees and aims to rehire “a good part” of the remaining workers.

A Palumbo Group spokesperson explained this in a statement: “By leasing the business unit of the Savona shipyard, Palumbo Group will grant the restart of the shipyard’s activities, along with the immediate reinstatement of nine employees. The aim is to further reinstate a good part of Mondomarine Savona workers, as a consequence of the desired, final acquisition.”

In acquiring the Savona facility, Palumbo Group now owns eight separate shipyard facilities.

Previous Acquisitions

This deal comes just over a year after Palumbo bought up ISA Yacht’s shipyard in Ancona.

It bought up the Ancona facility to expand its superyacht business, dedicating the facility to the construction and refit of custom vessels. It has since become one of the groups main superyacht production sites.

Palumbo’s superyacht division now comprises of its own Columbus yachts brand as well ISA Yachts. It is unknown what brand the Savona facility will operate under.