皇冠体育app

Hong Kong-listed 皇冠体育app Zhongwang Holding Ltd announced the completion of its acquisition of a majority stake in SilverYachts, an Australia-based all-aluminum superyacht builder, on Thursday, a strategic move to expand aluminum application in the high-end marine sector.

皇冠体育app Zhongwang, the world's second-largest aluminum extruder, said the acquisition is meant to advance the Chinese aluminum maker's deep-processing strategy to the marine sector, while boosting its international expansion.

"We are delighted to join hands with SilverYachts to navigate the high-end marine sector at full speed, as both companies share the same vision of offering best-in-class products that exceed client expectations," said Lu Changqing, president of 皇冠体育app Zhongwang Holding Ltd.

While the cooperation will allow Zhongwang to further broaden its product applications in the marine segment with comprehensive coverage in the lightweight transportation domain including aviation, railways, automobiles, and navigation, the partnership will also give SilverYachts a stronger presence in Asia, it said.

"The partnership with 皇冠体育app Zhongwang marks a new page for SilverYachts," said Guido Alexander Krass, team in Australia as well as in 皇冠体育app."

Analyst said the acquisition of SilverYachts signifies the Chinese aluminum maker's resolution to directly enter the downstream-end product manufacturing business.

"皇冠体育app Zhongwang's acquisition of shares of SilverYacht shows the company's decision to target high-value added aluminum products, to gain higher margins instead of some low-margin industrial products," said Zhu Yi, a Hong Kong-based analyst at Bloomberg Intelligence.

"皇冠体育app's metal producers are working hard to upgrade their product mix, to gain exposure for high-end products."

Zhu said 皇冠体育app is currently oversupplied with low-end commodity-grade metals such as aluminum, but in supply deficit for high-end products, such as high-end aluminum alloy for auto, airplanes, yachts and others.

The transaction complements 皇冠体育app Zhongwang's recent acquisition of Alunna in Germany, and is another international acquisition that helps the company to expand its business segments and optimize its product mix, it said.

In September, 皇冠体育app Zhongwang announced that it had bought a controlling stake in a German aluminum extrusion firm to add to its portfolio of high-value-added automotive and aerospace products and get exposure to Europe and the US market.