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88-777: Ferretti S.p.A. (trading as Ferretti Group ) is a multinational shipbuilding company headquartered in Forlì which specialises in the design, construction and sale of luxury motor yachts. Its products are sold under the brands Wally , Ferretti Yachts, Custom Line , Pershing, Itama, Riva, Mochi Craft and CRN. The company was founded in 1968 by Alessandro and Norberto Ferretti as a manufacturer of small boats and produced its first motor sailer in 1971. The Group expanded through making numerous acquisitions, including of Cantieri Navali dell’Adriatico – CNA S.r.l. in 1998, CRN S.p.A., in 1999, Riva S.p.A. in 2000, Cantiere Navale Mario Morini and in 2002, Itama in 2004 and Allied Marine in 2008. Ferretti Group

176-596: A multi-national enterprise ( MNE ), trans-national enterprise ( TNE ), trans-national corporation ( TNC ), international corporation , or state less corporation , ) is a corporate organization that owns and controls the production of goods or services in at least one country other than its home country. Control is considered an important aspect of an MNC to distinguish it from international portfolio investment organizations , such as some international mutual funds that invest in corporations abroad solely to diversify financial risks. Black's Law Dictionary suggests that

264-766: A basis in a national ethos , being ultimate without a specific nationhood, and that this lack of an ethos appears in their ways of operating as they enter into contracts with countries that have low human rights or environmental standards . In the world economy facilitated by multinational corporations, capital will increasingly be able to play workers, communities, and nations off against one another as they demand tax, regulation and wage concessions while threatening to move. In other words, increased mobility of multinational corporations benefits capital while workers and communities lose. Some negative outcomes generated by multinational corporations include increased inequality , unemployment , and wage stagnation . Raymond Vernon presents

352-472: A carbon-fiber autoclave. Together with Mitsubishi the Ferretti group has developed a system called ARG ( anti-rolling gyro ), which reduces the effects of the waves on their boats, using a counterweight and a gyroscope . Notable Ferretti customers have included Richard Burton , Brigitte Bardot and Sophia Loren . Multinational corporation A multi-national corporation ( MNC ; also called

440-515: A company or group should be considered a multi-national corporation "if it derives 25% or more of its revenue from out-of-home-country operations". Most of the current largest and most influential companies are publicly traded multinational corporations, including Forbes Global 2000 companies. The history of multinational corporations began with the history of colonialism . The first multi-national corporations were founded to set up colonial "factories" or port cities. The two main examples were

528-459: A company specialized in yacht painting and refitting, and Zago S.p.A., an Italian company operating in high-profile wooden manufactured pieces and furnishings. Between June 2002 and January 2003, the Ferretti management team and institutional investors present among the shareholders (Permira), decided to launch a Voluntary Public Tender Offer to acquire the entire share capital of the Company, with

616-508: A corporation invests in a country in which it is not domiciled, it is called foreign direct investment (FDI). Countries may place restrictions on direct investment; for example, China has historically required partnerships with local firms or special approval for certain types of investments by foreigners, although some of these restrictions were eased in 2019. Similarly, the United States Committee on Foreign Investment in

704-429: A free market system where there is little government interference. As a result, international wealth is maximized with free exchange of goods and services. To many economic liberals, multinational corporations are the vanguard of the liberal order. They are the embodiment par excellence of the liberal ideal of an interdependent world economy. They have taken the integration of national economies beyond trade and money to

792-625: A fuel trader who also owned a car dealership in Bologna , decided to expand the business to the nautical sector after securing the Italian representation for the US motorboat brand Chris Craft. They subsequently opened a multi-window shop, Ferretti Nautica, in the city centre. The first self-built boat was launched in 1971 at a shipyard in Cattolica , using the hull of an 11-metre fishing boat. This boat

880-525: A high level of interest from private equity buyers, the IPO was postponed. Candover bought 60% of the company in an auction, outbidding the French PAI Partners and leaving the rest 30% to the founder and 10% to Permira. Based on financial data, the group was valued at 1.7 billion euros. In May 2008, when the full extend of the crisis had not yet hit, rumours circulated indicating Candover

968-725: A leader in the production of gozzo sorrentino boats measuring 7 to 16 metres in length. In November 2001, acquisition of the Mochi Craft S.r.l. shipyard in Pesaro was finalized. In 2002, the Group took over Diesse Arredamenti, to acquire new skills in the nautical furnishings sector, complementary to its yacht building activity. During the same year, the Group also finalized acquisition of Cantiere Navale Mario Morini in Ancona , which enabled CRN to extend its production capacity, Pinmar S.L.,

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1056-490: A million troops to help, and by February 1991, Iraqi forces were expelled from Kuwait. Due to the oil boycott from Kuwait and Iran, oil prices rose and quickly recovered. Saudi Arabia once again led OPEC, and thanks to assistance in defending Kuwait, new relations emerged between the USA and OPEC. Operation "Desert Storm" brought mutual dependence among the main oil producers. OPEC continued to influence global oil prices but recognized

1144-575: A partnership of more than 20 entities including Fincantieri , Leonardo S.p.A. , Intermarine, Rina Service, Consorzio Tecnomar, Autorità portuale, CNR , Camera di Commercio and University of Genoa and one of the five of innovation and research hub in Liguria. Both the "G. Marconi" pole and the DLTM are hosted in the old building of the Bruno Falcomatà hospital since December 2019. In 2020,

1232-468: A shipyard specialising in the production of maxiyachts in fibreglass and megayachts with steel hulls and aluminium superstructures, measuring over 30 metres in length. In the year 2000, Ferretti purchased 100% of the capital of Riva S.p.A., a producer of luxury fibreglass yachts measuring 10 to 35 metres in length, both flybridge and open. In June 2000, with the aim of further consolidating its growth and development process, Ferretti Group decided to list on

1320-432: A strategic network of dealers outside Europe. During the second half of the 1990s, after institutional investors acquired a stake in the company, an external expansion strategy was initiated through the acquisition of companies producing luxury motoryachts. In 1996, Ferretti Group began operating in the segment of yachts with fibreglass flybridges, measuring 28 to 40 metres in length, through Custom Line S.p.A. In 1998,

1408-406: A total of 53% in exit participation rights). In particular, as a result of the agreement, Norberto Ferretti, the Group's management and Mediobanca held the 100% of the Group's voting rights. As of 2024, the Group's shareholding structure is divided between Ferretti International Holding (37.5%), Flipnation Limited (10%), Danilo Iervolino (5.2%), Kheope Sa (4.5%) and the market (42.6%). Motivated by

1496-496: Is 1,314 millimetres (51.7 in), more than twice that in London. Snow is extremely uncommon. Heavy snowfalls are exceptional events: only in 1985 was a snowfall of more than 50 centimetres (20 in) recorded. Another big snowfall occurred during the night of 18 December 2009, with approximately 25 centimetres (9.8 in) of snow and temperatures as low as −7.4 °C (18.7 °F) in the following nights. In winter nights, if

1584-538: Is also a significant railway junction, and is notable for its museums, for the Palio del Golfo rowing race, and for railway and boat links with the Cinque Terre . La Spezia and its province have been settled since prehistoric times. In Roman times the most important centre was Luni , not far from Sarzana . As the capital of the short-lived Niccolò Fieschi Signoria in the period between 1256 and 1273, La Spezia

1672-566: Is called Shaʿar Zion , in Hebrew "Gateway to Zion ". La Spezia has a borderline humid subtropical ( Cfa ) and Mediterranean climate ( Csa ). The city enjoys hot summers, chilly damp winters and very changeable and rainy autumns and springs. The average temperatures of the coldest month (January) are 4 °C (39 °F) minimum and 11 °C (52 °F) maximum. In the hottest month (July) they are 20 °C (68 °F) minimum and 29 °C (84 °F) maximum. Average annual precipitation

1760-565: Is called Via del Prione, taking its name from the pietrone or large stone, in local dialect prione, where public announcements were once read out. La Spezia developed substantially after 1861 when the great naval arsenal there was commissioned by the Royal government . In September 1943, after the Italian capitulation to the Allies, it was the departure port for the Italian Navy when it

1848-410: Is often handled through international arbitration . The actions of multinational corporations are strongly supported by economic liberalism and free market system in a globalized international society. According to the economic realist view, individuals act in rational ways to maximize their self-interest and therefore, when individuals act rationally, markets are created and they function best in

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1936-601: Is the capital city of the province of La Spezia and is located at the head of the Gulf of La Spezia in the southern part of the Liguria region of Italy . La Spezia is the second-largest city in the Liguria region, after Genoa . Located roughly midway between Genoa and Pisa , on the Ligurian Sea , it is one of the main Italian military and commercial harbours and a major Italian Navy base. A popular seaside resort, it

2024-865: Is usually a large corporation incorporated in one country that produces or sells goods or services in various countries. Two common characteristics shared by MNCs are their large size and centrally controlled worldwide activities. MNCs may gain from their global presence in a variety of ways. First of all, MNCs can benefit from the economy of scale by spreading R&D expenditures and advertising costs over their global sales, pooling global purchasing power over suppliers, and utilizing their technological and managerial experience globally with minimal additional costs. Furthermore, MNCs can use their global presence to take advantage of underpriced labor services available in certain developing countries and gain access to special R&D capabilities residing in advanced foreign countries. The problem of moral and legal constraints upon

2112-980: The British East India Company founded in 1600 and the Dutch East India Company (VOC) founded in 1602. In addition to carrying on trade between Great Britain and its colonies, the British East India Company became a quasi-government in its own right, with local government officials and its own army in India. Other examples include the Swedish Africa Company founded in 1649 and the Hudson's Bay Company founded in 1670. These early corporations engaged in international trade and exploration and set up trading posts. The Dutch government took over

2200-861: The Official Italian Stock Exchange (MTA). In 2001, the company was admitted to the STAR segment (High Requisite Share Segment) of the Borsa Italiana (Italian Stock Exchange). In May 2001, Ferretti acquired the assets of the Oram shipyard in La Spezia , where the new Riva production area would subsequently be built. In August 2001, Ferretti finalized an agreement for the acquisition of the Apreamare S.p.A. shipyards in Sorrento ,

2288-465: The local trolleybus network and other services within the city. The main railway stations in the city are La Spezia Centrale railway station , Migliarina railway station, and Ca' di Boschetti. Since 2002, a university named G. Marconi has had its headquarters in La Spezia. The Distretto Ligure delle Tecnologie Marine (DLTM) is a research hub in La Spezia, Italy, focused on blue economy . It's

2376-617: The 19th century, such as the Rio Tinto company founded in 1873, which started with the purchase of sulfur and copper mines from the Spanish government. Rio Tinto, now based in London and Melbourne , Australia, has made many acquisitions and expanded globally to mine aluminum , iron ore , copper , uranium , and diamonds . European mines in South Africa began opening in the late 19th century, producing gold and other minerals for

2464-551: The English language. Senior officials, although mostly still Swedish, all learned English and all major internal documents were in English, the lingua franca of multinational corporations. After the war, the number of businesses having at least one foreign country operation rose drastically from a few thousand to 78,411 in 2007. Meanwhile, 74% of parent companies are located in economically advanced countries. Developing and former communist countries such as China, India, and Brazil are

2552-695: The Group acquired from Rossetti Marino the San Vitale shipyard , a production site of over 70,000 square metres in the port of Ravenna , allocating it to the construction of Wally sailing yachts and the Ferretti Yachts INFYNITO range. As of 31 March 2022, the company is listed on the Hong Kong Stock Exchange and as of 27 June 2023 also on the Italian Stock Exchange . Ferretti Group specializes in

2640-452: The Group purchased Cantieri Navali dell’Adriatico – CNA S.r.l., which specialized in building open type motor boats with the prestigious Pershing brand. During the same year, Ferretti Group entered in the sport fisherman craft segment with the acquisition of American company Bertram Yacht, Inc. – the Miami shipyard. Bertram Yacht was sold in 2015. In 1999, Ferretti Group purchased CRN S.p.A.,

2728-551: The Group renounced its listing on the Milan Stock Exchange due to a too low offer price, which fell from the initial range of EUR 2.5–3.7 to EUR 2-2.5. In September 2022, the company finalised the acquisition of a majority stake in two companies that are part of its supply chain: Massello Srl and Fratelli Canalicchio Spa, the former specialising in wooden furniture for yachts, the latter in the production of static exteriors and automatic kinetic systems. In March 2023,

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2816-575: The International Energy Agency (IEA), enabling states to coordinate policy, gather data, and monitor global oil reserves. In the 1970s, OPEC gradually nationalized the Seven Sisters. The Kingdom of Saudi Arabia, as the only largest world oil producer, could leverage this. However, Saudi Arabia opted for the correct approach and maintained consistent oil prices throughout the 1970s. In 1979, the "second oil shock" came from

2904-574: The Netherlands has become a popular choice, as its company laws have fewer requirements for meetings, compensation, and audit committees, and Great Britain had advantages due to laws on withholding dividends and a double-taxation treaty with the United States. Corporations can legally engage in tax avoidance through their choice of jurisdiction but must be careful to avoid illegal tax evasion . Corporations that are broadly active across

2992-558: The OLI framework. The other theoretical dimension of the role of multinational corporations concerns the relationship between the globalization of economic engagement and the culture of national and local responses. This has a history of self-conscious cultural management going back at least to the 60s. For example: Ernest Dichter, architect, of Exxon's international campaign, writing in the Harvard Business Review in 1963,

3080-464: The Third World colonies. That changed dramatically after 1945 as investors turned to industrialized countries and invested in manufacturing (especially high-tech electronics, chemicals, drugs, and vehicles) as well as trade. Sweden's leading manufacturing concern was SKF , a leading maker of bearings for machinery. In order to expand its international business, it decided in 1966 it needed to use

3168-636: The U.S. applies its corporate taxation "extraterritorially", which has motivated tax inversions to change the home state. By 2019, most OECD nations, with the notable exception of the U.S., had moved to territorial tax in which only revenue inside the border was taxed; however, these nations typically scrutinize foreign income with controlled foreign corporation (CFC) rules to avoid base erosion and profit shifting . In practice, even under an extraterritorial system, taxes may be deferred until remittance, with possible repatriation tax holidays , and subject to foreign tax credits . Countries generally cannot tax

3256-618: The US market. In 2009, to align to the new market scenario, Ferretti Group changed its organisational structure and undertook a series of strategic and operative actions. In December, with the aim of continuing to focus on its core business, the Ferretti Group sold its 60% holding in Pinmar S.L., a Spanish company specializing in painting mega-yachts to Irish entrepreneur Sean Ewing . In March 2010, Ferretti continued its divestment policy by selling 100% of Apreamare S.p.A., which included

3344-541: The United States sanctions against Iran ; European companies faced with the possibility of losing access to the U.S. market by trading with Iran. International investment agreements also facilitate direct investment between two countries, such as the North American Free Trade Agreement and most favored nation status. Raymond Vernon reported in 1977 that of the largest multinationals focused on manufacturing, 250 were headquartered in

3432-506: The United States scrutinizes foreign investments. In addition, corporations may be prohibited from various business transactions by international sanctions or domestic laws. For example, Chinese domestic corporations or citizens have limitations on their ability to make foreign investments outside China, in part to reduce capital outflow . Countries can impose extraterritorial sanctions on foreign corporations even for doing business with other foreign corporations, which occurred in 2019 with

3520-614: The United States as the largest consumer and guarantor of the existing oil security order. Since the Iraq War, OPEC has had only a minor influence on oil prices, but it has expanded to 11 members, accounting for about 40 percent of total global oil production, although this is a decline from nearly 50 percent in 1974. Oil has practically become a common commodity, leading to much more volatile prices. Most OPEC members are wealthy, and most remain dependent on oil revenues, which has serious consequences, such as when OPEC members were pressured by

3608-461: The United States from 2010. The USA became the leading oil producer, creating tension with OPEC. In 2014, Saudi Arabia increased production to push new American producers out of the market, leading to lower prices. OPEC then reduced production in 2016 to raise prices, further worsening relations with the United States. By 2012, only 7% of the world's known oil reserves were in countries that allowed private international companies free rein; 65% were in

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3696-629: The United States, 115 in Western Europe, 70 in Japan, and 20 in the rest of the world. The multinationals in banking numbered 20 headquartered in the United States, 13 in Europe, nine in Japan and three in Canada. Today multinationals can select from a variety of jurisdictions for various subsidiaries, but the ultimate parent company can select a single legal domicile ; The Economist suggests that

3784-766: The VOC in 1799, and during the 19th century, other governments increasingly took over private companies, most notably in British India. During the process of decolonization , the European colonial charter companies were disbanded, with the final colonial corporation, the Mozambique Company , dissolving in 1972. Mining of gold, silver, copper, and oil was a major activity early on and remains so today. International mining companies became prominent in Britain in

3872-507: The West to the post-colonial South and invest either in foreign expenditures or ostentatious economic development projects. After 1974, most of the money from OPEC members ceased as payments for goods and services or investments in Western industry. In February 1974, the first Washington Energy Conference was convened. The most significant contribution of this conference was the establishment of

3960-638: The aim of further expanding the Group through acquisitions and a precise strategic, national and international plan. In 2004, through Pershing, Ferretti Group acquired the Itama shipyard, which specializes in the construction of open motoryachts, completing the definition of the Group. In 2008, Ferretti Group acquired the assets, brands and activities of Allied Marine, an American company specialized in After Sales services and marketing of both new yachts and pre-owned motor yachts, as well as brokerage services on

4048-469: The behavior of multinational corporations, given that they are effectively "stateless" actors, is one of several urgent global socioeconomic problems that has emerged during the late twentieth century. Potentially, the best concept for analyzing society's governance limitations over modern corporations is the concept of "stateless corporations". Coined at least as early as 1991 in Business Week ,

4136-578: The colder and heavier air trapped in the Po Valley , behind the Apennine Mountains . Today, La Spezia is the chief Italian naval base and arsenal, and the base for a navy navigation school. It is also a commercial port, with shipyards and industries producing machinery, metal products, and refined petroleum. La Spezia's public transportation services are managed by ATC La Spezia, which owns urban, suburban and interurban bus routes; as well as

4224-742: The collapse of the Shah's regime in Iran. Iran became a regional power due to oil money and American weapons. The Shah eventually abdicated and fled the country. This prompted a strike by thousands of Iranian oil workers, significantly reducing oil production in Iran. Saudi Arabia tried to cope with the crisis by increasing production, but oil prices still soared, leading to the "second oil shock." Saudi Arabia significantly reduced oil production, losing most of its revenues. In 1986, Riyadh changed course, and oil production in Saudi Arabia sharply increased, flooding

4312-654: The companies. This occurred in 1960. Prior to the 1973 oil crisis , the Seven Sisters controlled around 85 percent of the world's petroleum reserves . In the 1970s, most countries with large reserves nationalized their reserves that had been owned by major oil companies. Since then, industry dominance has shifted to the OPEC cartel and state-owned oil and gas companies, such as Saudi Aramco , Gazprom (Russia), China National Petroleum Corporation , National Iranian Oil Company , PDVSA (Venezuela), Petrobras (Brazil), and Petronas (Malaysia). A unilateral increase in oil prices

4400-510: The conception was theoretically clarified in 1993: that an empirical strategy for defining a stateless corporation is with analytical tools at the intersection between demographic analysis and transportation research. This intersection is known as logistics management , and it describes the importance of rapidly increasing global mobility of resources. In a long history of analysis of multinational corporations, we are some quarter-century into an era of stateless corporations—corporations that meet

4488-643: The creation of a "world customer". The idea of a global corporate village entailed the management and reconstitution of parochial attachments to one's nation. It involved not a denial of the naturalness of national attachments, but an internationalization of the way a nation defines itself. "Multinational enterprise" (MNE) is the term used by international economist and similarly defined with the multinational corporation (MNC) as an enterprise that controls and manages production establishments, known as plants located in at least two countries. The multinational enterprise (MNE) will engage in foreign direct investment (FDI) as

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4576-525: The debate from a neo-liberal perspective in Storm over the Multinationals (1977). La Spezia La Spezia ( UK : / l æ ˈ s p ɛ t s i ə / , US : / l ɑː -/ or / l ɑː ˈ s p ɛ t s i ɑː , - ˈ s p eɪ t -/ ; Italian: [la ˈspɛttsja] ; Ligurian : A Spèza , in the local Spezzino dialect  [ it ; lij ] )

4664-401: The design, construction and marketing of luxury yachts and pleasure boats through seven brands: The Group also operates through four companies specializing in various sectors of the marine industry: Ferretti Group has production facilities in: Ancona , Forlì , Cattolica , Mondolfo , La Spezia and Sarnico , Italy. In 1995, after the sudden death of Alessandro Ferretti, 70% of the Group

4752-555: The family holding company F Investments, thus becoming the sole shareholder besides the Chinese Weichai Power Group, majority holders with 86.8%. Back in profit after two years, in 2017 the Ferretti Group presented the 74-metre-long mega-yacht "Cloud 9" in Monaco . Two years later, the company entered the sailing world for the first time by acquiring Wally , a company founded by Luca Bassani. On 17 October 2019,

4840-481: The firm makes direct investments in host country plants for equity ownership and managerial control to avoid some transaction costs . Sanjaya Lall in 1974 proposed a spectrum of scholarly analysis of multinational corporations, from the political right to the left. He put the business school how-to-do-it writers at the extreme right, followed by the liberal laissez-faire economists, and the neoliberals (they remain right of center but do allow for occasional mistakes of

4928-416: The hands of state-owned companies that operated in one country and sold oil to multinationals such as BP, Shell, ExxonMobil and Chevron. Down through the 1930s, about 80% of the international investments by multinational corporations were concentrated in the primary sector, especially mining (especially oil) and agriculture (rubber, tobacco, sugar, palm oil , coffee, cocoa, and tropical fruits). Most went to

5016-576: The international oil market. Iran was unable to sell any of its oil. In August 1953, the then-prime minister was overthrown by a pro-American dictatorship led by the Shah, and in October 1954, the Iranian industry was denationalized. Worldwide oil consumption increased rapidly between 1949 and 1970, a period known as the 'golden age of oil'. This increase in consumption was caused not only by the growth of production by multinational oil companies but also by

5104-415: The internationalization of production. For the first time in history, production, marketing, and investment are being organized on a global scale rather than in terms of isolated national economies. International business is also a specialist field of academic research. Economic theories of the multinational corporation include internalization theory and the eclectic paradigm . The latter is also known as

5192-460: The largest recipients. However, 70% of foreign direct investment went into developed countries in the form of stocks and cash flows. The rise in the number of multinational companies could be due to a stable political environment that encourages cooperation, advances in technology that enable management of faraway regions, and favorable organizational development that encourages business expansion into other countries. A multinational corporation (MNC)

5280-474: The laws and regulations of both their domicile and the additional jurisdictions where they are engaged in business. In some cases, the jurisdiction can help to avoid burdensome laws, but regulatory statutes often target the "enterprise" with statutory language around "control". As of 1992 , the United States and most OECD countries have the donot legal authority to tax a domiciled parent corporation on its worldwide revenue, including subsidiaries. As of 2019 ,

5368-462: The management team (EUR 70m) and Mediobanca (EUR 15m). RBS has also agreed to grant medium-term facilities to fund working capital requirements (EUR 65m) and three major financial institutions (already partnering with Ferretti), have extended the short-term facilities (EUR 24m) to medium-term ones. From that time on, the Group's equity was held by Norberto Ferretti and the Group's management (38.2%), Mediobanca (8.8%) and senior and mezzanine lenders (for

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5456-494: The market with cheap oil. This caused a worldwide drop in oil prices, hence the "third oil shock" or "counter-shock." However, this shock represented something much bigger—the end of OPEC's dominance and its control over oil prices. Iraqi President Saddam Hussein decided to attack Kuwait. The invasion sparked a crisis in the Middle East, prompting Saudi Arabia to request assistance from the United States. The United States sent

5544-543: The marketplace such as externalities). Moving to the left side of the line are nationalists, who prioritize national interests over corporate profits, then the "dependencia" school in Latin America that focuses on the evils of imperialism, and on the far left the Marxists. The range is so broad that scholarly consensus is hard to discern. Anti-corporate advocates criticize multinational corporations for being without

5632-493: The nautical pole of Torre Annunziata ( Naples ), to the Aprea and Pollia families, the founders of the historic Sorrento brand. In January 2012, Shandong Heavy Industry Group-Weichai Power , a Chinese state-controlled manufacturer of excavators and tractors, acquired 58% of Ferretti Group for EUR 374 million. At the time of the transaction, Ferretti had a debt of EUR 600 million. The management was, in any case, reconfirmed by

5720-537: The needs for high tech synergy and greater international recognition, the company entered in 1989, into offshore racing . Norberto Ferretti won the Class 1 Offshore World Championship title in 1994. The Ferretti team win the European Offshore Championship in 1995. In 1997, it won both European and World champion titles. The company attributes these winnings to a hi-tech hull designed with

5808-483: The new shareholders. In September 2013, the new Ferretti brand structure was presented, consisting of three product lines: Ferretti Yachts, Ferretti Custom Line and Ferretti Navetta. At this stage, the Group owns the Ferretti Yachts, Riva, Pershing, Itama, Mochi Craft, CRN and Custom Line brands. In 2016 Piero Ferrari , Enzo Ferrari 's son, joined the Ferretti Group by purchasing 13.2% of the capital through

5896-421: The north, which lap western Liguria, but to those from the southeast. These may bring heavy rain and they can reach 80 kilometres per hour (50 mph), in rare cases causing the blocking of the port. The only northern wind reaching the city is the north-eastern Grecale, common during incursions of Arctic air, when the cold air flowing over the warmer Tyrrhenian sea triggers the formation of low pressures, draining

5984-520: The point of departure for survivors from Nazi concentration camps. From the summer of 1945 to the spring of 1948 more than 23,000 Jewish displaced persons managed to leave Italy clandestinely for the Palestine Mandate . After lengthy vicissitudes, the ships Fede , Fenice , and Komemiut managed to evacuate everyone from the Golfo di La Spezia, to the extent that on Israeli maps, La Spezia

6072-560: The price collapse in 1998–1999. The United States still maintains close relations with Saudi Arabia. In 2003, U.S. forces invaded Iraq with the aim of removing the dictatorship and gaining access to Iraqi oil reserves, giving the United States greater strategic importance from 2000 to 2008. During this period, there was a constant shortage of oil, but its consumption continued to rise, maintaining high prices and leading to concerns about "peak oil". From 2005 to 2012, there were advances in oil and gas extraction, leading to increased production in

6160-611: The realities of the needs of source materials on a worldwide basis and to produce and customize products for individual countries. One of the first multinational business organizations, the East India Company , was established in 1601. After the East India Company came the Dutch East India Company , founded on March 20, 1603, which would become the largest company in the world for nearly 200 years. The main characteristics of multinational companies are: When

6248-420: The sky is clear, temperatures may fall below zero, usually reaching about −2 to −4 °C (28 to 25 °F). Conversely, in summer, especially during sunny days, the temperature can easily exceed 30 °C (86 °F), and sometimes it reaches 35 °C (95 °F). Furthermore, the sensation of heat in summer is increased by the high humidity. Because of its topography, the city is not exposed to winds from

6336-531: The so-called "round shower". In 1982, the company introduced its first motor-only boat and began producing sport fisherman open and flybridge type boats. In 1987, when sales were already around a hundred boats a year, the Forlì shipyard was opened, which has since then also become the company's headquarters. In 1989, the Engineering Direction, a research centre dedicated to the design and development of new production boats and innovative materials,

6424-501: The strong influence of the United States on the global oil market. In 1959, companies lowered the price of oil due to a surplus in the market. This reduction dealt a significant blow to the finances of producers. Saudi oil minister Abdullah Tariki and Venezuela’s Juan Perez Alfonso entered into a secret agreement (the Mahdi Pact), promising that if the price of oil was lowered a second time, they would take collective action against

6512-496: The world market, jobs for locals, and business and profits for companies. Cecil Rhodes (1853–1902) was one of the few businessmen in the era who became Prime Minister (of South Africa 1890–1896). His mining enterprises included the British South Africa Company and De Beers . The latter company practically controlled the global diamond market from its base in southern Africa. In 1945, the United States

6600-573: The world without a concentration in one area have been called stateless or "transnational" (although "transnational corporation" is also used synonymously with "multinational corporation" ), but as of 1992, a corporation must be legally domiciled in a particular country and engage in other countries through foreign direct investment and the creation of foreign subsidiaries. Geographic diversification can be measured across various domains, including ownership and control, workforce, sales, and regulation and taxation. Multinational corporations may be subject to

6688-503: The worldwide revenue of a foreign subsidiary, and taxation is complicated by transfer pricing arrangements with parent corporations. For small corporations, registering a foreign subsidiary can be expensive and complex, involving fees, signatures, and forms; a professional employer organization (PEO) is sometimes advertised as a cheaper and simpler alternative, but not all jurisdictions have laws accepting these types of arrangements. Disputes between corporations in different nations

6776-474: Was acquired by Permira . In 2000, it was temporarily listed in the Italian Stock Exchange , but decided to be taken private citing concerns for negative financial climate by the September 11, 2001 attacks . Permira had a 54 times return of its original investment from the listing. In October 2006, the owners reconsidered flotation and filed an application to list its shares on the Milan Stock Exchange. Due to

6864-607: Was acquired by the Chinese multinational heavy machinery and automotive manufacturing company Weichai Group in 2012. Ferretti Group has manufacturing operations in Italy and the United States. It has subsidiary companies in the United States (Ferretti Group North America) and representative branches in Hong Kong and Shanghai (Ferretti Group Asia Pacific). In 1968, brothers Alessandro (1937–1996) and Norberto Ferretti (1946), sons of

6952-438: Was enabled by multinational corporations known as the 'Seven Sisters'. The "Seven Sisters" was a common term for the seven multinational companies that dominated the global petroleum industry from the mid-1940s to the mid-1970s. The nationalization of the Iranian oil industry in 1951 by Iranian Prime Minister Mohammad Mosaddegh and the subsequent boycott of Iranian oil by all companies had dramatic consequences for Iran and

7040-420: Was expected to participate in a EUR 100m capital injection but by February, it had walked away from the table, writing off its investment; Permira had already done so. Since then the company has succeeded in renegotiating its debt, reducing its to EUR 550m against a conversion of credits into exit participation rights, a EUR 85m capital injection underwritten by the founder and CEO, Norberto Ferretti and some of

7128-578: Was eyeing a second IPO for the business which was seeing profits of EUR 158m on a EUR 933m turnover (2007). In September, the Consob granted the authorization for the IPO on both the London and Milan bourses. However, in January 2009, the company appointed Rothschild to advise on talks with its banking syndicate, led by Royal Bank of Scotland (RBS) and Mediobanca to restructure a EUR 1.1bn debt. Initially Candover

7216-533: Was founded. The company also entered the world of sport: Norberto Ferretti competed in Class 1 , the most prestigious offshore category, with one of the first carbon-fibre boats, and in 1994 he became world champion. In 1997 his team won a second world title. In 1996, Alessandro passed away at the age of 54 in a tragic accident, while mowing the grass at his villa in the hills of Bologna . In 1994, Ferretti Group began an international marketing process by establishing

7304-448: Was fully aware that the means to overcoming cultural resistance depended on an "understanding" of the countries in which a corporation operated. He observed that companies with "foresight to capitalize on international opportunities" must recognize that " cultural anthropology will be an important tool for competitive marketing". However, the projected outcome of this was not the assimilation of international firms into national cultures, but

7392-535: Was inevitably linked with Genoese vicissitudes. After the fall of the Republic of Genoa , an independent state until 1797, La Spezia grew, developed and changed, though along lines similar to Liguria's capital Genoa. This Ligurian influence can still be seen in the urban layout as well as in the types of buildings and decorations. This is notable in the carrugio, the narrow street that divides the Old Town into two. It

7480-546: Was labeled as "the largest nonviolent transfer of wealth in human history." The OPEC sought immediate discussions regarding participation in national oil industries. Companies were not inclined to object as the price hike benefited both them and OPEC members. In 1980, the Seven Sisters were entirely displaced and replaced by national oil companies (NOCs). The rise in oil prices burdened developing countries with balance of payments deficits, leading to an energy crisis. OPEC members had to abandon their plan of redistributing wealth from

7568-603: Was ordered to steam into British hands at Malta. The Germans arrived too late to stop the departure of the fleet. During the war Italian troopships also left from La Spezia, including the Kaiser Franz Josef , a trans-Atlantic liner launched in Trieste in 1911 for the Austrian Lloyd company, which Italy had confiscated in 1919. It was sunk in La Spezia harbour in 1944. After the liberation, La Spezia became

7656-594: Was presented at the Genoa Boat Show as Ferretti Craft, marking the beginning of the company's first orders. Four years later, in 1975, the Ferretti brothers permanently abandoned the motor industry and opened their shipyard in San Giovanni in Marignano . Since the 1980s, production has focused exclusively on motorboats , incorporating advanced technological solutions, such as the thousand-litre tanks and

7744-513: Was the world's largest oil producer. However, their reserves were declining due to high demand. Therefore, the United States turned to foreign oil sources, which had a significant impact on the recovery of the West after World War II. Most of the world's oil was found in Latin America and the Middle East, particularly in the Arab states of the Persian Gulf. This increase in non-American production

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