Yesterday's Financial Times reported that a Chinese company has bought Italy's bankrupt Cantieri Navali di Lavagna (CNL) yard through the company's administrators. CNL was sold at auction on Monday for €13.1 million to ProMarine Service, an Italian company owned by China's Nautic Star Marine.
Italy, the world leader in building superyachts, saw a collapse of more than 30% in overall yacht production last year, with revenues collapsing to €4.25 billion.
A spokesman for ProMarine Service stressed that production would be kept at the present facility with its current 15-strong workforce.
It's worth bearing in mind, however, that well-known Venetian yacht builder Dalla Pieta' had a very different experience last year as its new Chinese owners transferred moulds and techniques to China. The Italian staff were offered jobs in China but declined.