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Posted: 03 Oct 2018, 08:05
Moto Morini passes to the Chinese, the historic brand sold for 10 million
The announcement on the eve of Eicma. New owner is Zhongneng, a giant in scooter production: "The activity will remain in Italy".
https://motori.corriere.it/motori/18_ot ... ab5e.shtml
The approach of EICMA, the most important motorcycle show that will open in a month in Milan, always brings news in the two-wheeler business. Today's announcement is one of those that make noise: the historic Moto Morini brand passes to the Chinese of Zhongneng, an international giant in the production of scooters based in Taizhou, about 400 km south of Shanghai. The signing of the deed of sale is today after a long negotiation with the Milan office of the multinational Translink as advisor. From sources close to the operation, it is known that the initial valuation of the company in Trivolzio (Pavia) started at 12 million euros and the operation would have ended with a benefit for the seller of slightly less than 10 million.
From the press release issued by Morini we learn that "Dr. Ruggero Massimo Jannuzzelli, representative of the outgoing shareholder and president of Moto Morini, declares that, with the offer of Zhongneng Vehicle Group, he has gathered an excellent opportunity for the future of the company and of the historic Italian brand". "After that in 2015 my family through Autjann (the holding company of the family) became the owner of 100% of the capital of the company at its logistical debut in the province of Pavia - explains Jannuzzelli - began a path of development of the bike for the adjustment to the euro 4 followed by the creation of new models adapted to the current market. From here were born the Corsair ZZ, the Corsair ZT, the Milan and the new Scrambler. In addition to this activity - continues Jannuzzelli - for three years we have worked on the creation of brand value and products to bring them to the high end of the market for quality, construction methods and prestige. Now - concludes Jannuzzelli - let's reap the benefits of this work, leaving the baton to a private Chinese industrial group that is already present with its products in Europe and around the world.
From the press release we also learn that "Mr. Chen, president of Zhongneng has major projects to increase the activity of the company that will remain in the Italian territory, projects that concern both current products and new models even of different displacements. "We are sure - concludes the press release - to entrust Moto Morini, its employees, its suppliers and its loyal customers to an important industrial reality that will make the company grow well. Mr. Chen Huaneng is the founder of the scooter giant. Since 1998 the company has been constantly expanding and now produces 300,000 two-wheelers a year, mainly scooters with endothermic and electric engines, but also motorcycles between 50 and 250 displacement and loose engines. Mr Chen, as far as we know, will become managing director of Morini and the brand, known for its powerful 1200cc twin cylinder engine, will serve as a basis for European penetration and will also serve as a research and development centre. This would be the reason behind the confirmation of all the workers, with a view to strengthening in the short term.
The announcement on the eve of Eicma. New owner is Zhongneng, a giant in scooter production: "The activity will remain in Italy".
https://motori.corriere.it/motori/18_ot ... ab5e.shtml
The approach of EICMA, the most important motorcycle show that will open in a month in Milan, always brings news in the two-wheeler business. Today's announcement is one of those that make noise: the historic Moto Morini brand passes to the Chinese of Zhongneng, an international giant in the production of scooters based in Taizhou, about 400 km south of Shanghai. The signing of the deed of sale is today after a long negotiation with the Milan office of the multinational Translink as advisor. From sources close to the operation, it is known that the initial valuation of the company in Trivolzio (Pavia) started at 12 million euros and the operation would have ended with a benefit for the seller of slightly less than 10 million.
From the press release issued by Morini we learn that "Dr. Ruggero Massimo Jannuzzelli, representative of the outgoing shareholder and president of Moto Morini, declares that, with the offer of Zhongneng Vehicle Group, he has gathered an excellent opportunity for the future of the company and of the historic Italian brand". "After that in 2015 my family through Autjann (the holding company of the family) became the owner of 100% of the capital of the company at its logistical debut in the province of Pavia - explains Jannuzzelli - began a path of development of the bike for the adjustment to the euro 4 followed by the creation of new models adapted to the current market. From here were born the Corsair ZZ, the Corsair ZT, the Milan and the new Scrambler. In addition to this activity - continues Jannuzzelli - for three years we have worked on the creation of brand value and products to bring them to the high end of the market for quality, construction methods and prestige. Now - concludes Jannuzzelli - let's reap the benefits of this work, leaving the baton to a private Chinese industrial group that is already present with its products in Europe and around the world.
From the press release we also learn that "Mr. Chen, president of Zhongneng has major projects to increase the activity of the company that will remain in the Italian territory, projects that concern both current products and new models even of different displacements. "We are sure - concludes the press release - to entrust Moto Morini, its employees, its suppliers and its loyal customers to an important industrial reality that will make the company grow well. Mr. Chen Huaneng is the founder of the scooter giant. Since 1998 the company has been constantly expanding and now produces 300,000 two-wheelers a year, mainly scooters with endothermic and electric engines, but also motorcycles between 50 and 250 displacement and loose engines. Mr Chen, as far as we know, will become managing director of Morini and the brand, known for its powerful 1200cc twin cylinder engine, will serve as a basis for European penetration and will also serve as a research and development centre. This would be the reason behind the confirmation of all the workers, with a view to strengthening in the short term.