The Chinese company enters into a partnership with our Group and they establish a joint venture in China to develop logistics business in the Asian market .
The agreement states the purchase of 40 % of the group by the Chinese multinational listed on the Shenzhen Stock Exchange and the creation of a joint venture in China for 40% owned by the Ferretto family .
Ferretto Group has signed an agreement with Dong Fang Precision Science Co. Ltd. - a Chinese multinational based in Foshan (Guangzhou) particularly active in the field of machinery for the packaging board - under which they state two strategic operations for future expansion of the company: on the one hand Dong Fang acquires 40% of Ferretto Group, on the other the Ferretto Family acquires 40% of a new joint venture that will be launched in China, in Foshan, together with the new Chinese shareholder, to develop logistics business in the Asian market.
All financial resources freed by the acquisition of 40% of the Italian group will be allocated to capital expenditure aimed at improving the global competitiveness of the Group.
Dong Fang is a large industrial group based in Foshan, near Guangzhou, founded by entrepreneur Zhuolin Victor Tang, who rose from nothing and in ten years he has built an empire in the machinery for corrugated cardboard and for food packaging in general, ranking now among the top global players with a very rapid growth based on significant acquisitions. It is experiencing an ongoing phase of further expansion, total integration of supply chain, and also of industrial diversification looking to other areas of technological excellence.
"This is a great opportunity for our Group - noted the President Gian Carlo Ferretto-. It is a choice that allows us to free up resources to be entirely reinvested for growth in Italy and in the world, and that also allows us to bring a bit of good Italian technology in China. At the same time the company remains firmly in the hands of the Family: it is not sold, instead it becomes stronger, because the Chinese extention will be synergic and complement the activities of the Group."
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