Here is Azimut Benetti’s plan to revitalise the Tisg shipyards

The operation organised by the Piedmont-based company (headquartered in Avigliana but with shipyards also in Livorno, Viareggio, Massa, Fano, Savona and, for refits only, Varazze) draws on its expertise in building yachts over 70 metres in length, gained in particular through the Benetti brand; and has the stated aim of safeguarding both jobs and the revitalisation of its production sites.

According to market rumours, Azimut Benetti’s plan, as mentioned, is divided into two phases. The first involves the immediate resumption of production, with a focus on both shipowners (who have boats under construction that have been started but not yet completed) and Tisg’s employees and supply chain. This process would certainly be facilitated by the fact that around 85 per cent of Tisg’s suppliers already work with the Avigliana-based group as well. The group, moreover, has strong local roots: today, over 70 per cent of the turnover of Azimut, Benetti and Lusben (the refit division) is generated in Tuscany. And this, returning to the shipowners, would offer them the assurance that they can obtain support in completing the vessels still under construction at the shipyard.

The second phase of the project, it appears, is based on a more long-term strategy. It is, in fact, intended both to expand into the large custom yacht segment and to strengthen Lusben and, consequently, its refit operations. This plan is complemented by a clear breakdown of the roles of the individual production centres.

The Carrara shipyard, it is understood, will be used to launch new large-scale custom-built vessels and to undertake new contracts currently under negotiation. After all, what the autumn boat shows confirmed is strong client interest in the world of maxi yachts in the over 50–60-metre segment. This interest, however, is coming up against shipyards that are fully booked. In Carrara, there is no shortage of space, and its two large dry docks could also be used for refit work, again on large vessels.

The La Spezia site, on the other hand, would combine the construction of new vessels with a significant expansion of refit operations, managed by Lusben. As for Viareggio, production at the shipyard is set to continue, with part of the facility also being used as a showroom for Yachtique, the Azimut Benetti division specialising in offering owners customisation options for the finishing touches to their boats, such as fabrics, crockery, glassware, works of art and so on. The small Viareggio-based joinery workshop controlled by Tisg would also remain in operation.

Furthermore, according to economic and financial sources, Azimut Benetti – with 500 million in cash reserves (and an order book worth 3 billion euros as at 31 August) – has the financial capacity to proceed with a potential acquisition of Tisg using its own resources, subject to the possible use, a bank loan, should this prove more cost-effective given the current low interest rates.

For Azimut, on the other hand, rescuing a shipyard on the brink of bankruptcy would be nothing new: it did so in 1985 with Benetti, which it subsequently restored to its former glory; it did so again in 2000 with the acquisition of Sec (a 45,000-square-metre production site in Viareggio) and in 2003 with the Orlando shipyards in Livorno (260,000 square metres), as well as the Gobbi shipyards in Piacenza and the Moschini shipyards in Fano. Finally, the group has recently established an industrial complex in Massa for fibreglass processing and acquired a production site in Pisa dedicated to steel processing.

© REPRODUCTION