[YachtForums]

Press Release; February 2nd, 2009...

Azimut signs up Italian companies and acquires Brazilian boatyard

Italian boatbuilding group Azimut-Benetti has created a partnership with around 50 Italian companies for the production of superyachts on the group's order book, as well as future orders. Over half the companies signed up are located in Tuscany and in particular Livorno, where superyacht brand Benetti has a yard. Azimut-Benetti says that its aims include developing local skills and creating more efficient production lines.

The group has also strengthened its presence in South America. Azimut-Benetti has reached an agreement for the acquisition of Brazil's largest boatbuilder Intermarine, following the death of its owner. Profits from Intermarine's performance over the next five years will fund the acquisition, which will be finalized as soon as legal matters surrounding the succession are completed. Intermarine oversees 60 per cent of Brazil's marine business. In the 1990s Intermarine signed an agreement with Azimut Yachts for the production of Azimut-brand yachts.

Azimut-Benetti's brands are Azimut Yachts, Benetti and Atlantis. The company closed its last financial year with a production value of €960m.