A new acquisition increases the Palumbo Group facilities in Malta

As a result of being declared the preferred bidder for the tender to acquire Malta Super Yacht Services last December, Palumbo S.p.A., as forecasted last 18th March 2011, has finally taken over also the new Shipyard, just in time for the Spring refitting season.

The Maltese government signed the contract for a global amount of € 29.4 million, including an annual ground rent of € 500.000 to be paid for 30 years. The entire transaction has been conducted by Mr. Giorgio Filippi, Company's legal advisor. The total area of the yard is around 45.000 square meters, comprising with two dry docks of 160m x 25m and 140m x 18m. The latter is also equipped with a retractable shed which allows paint work to be performed.

Together with Naples, Messina and Malta Shipyards, nowadays Palumbo's Group aim is to create an excellence centre in the Mediterranean. Palumbo, who is also a superyacht builder branded Columbus Yacht, is very proud and enthusiastic of the new acquisition and is looking forward to start the new adventure.

The vision of the Group for the facility in Malta is to further develop the current capabilities into a leading, maintenance and refitting centre serving the superyacht fleet s in the Mediterranean offering in this way a new opportunity for both customers and the industry in general. This goal will be achieved through its committed investment and development of human resources. The back up and support available through its network of infrastructure and expertise will enable Palumbo Malta Superyachts Ltd., to offer a wider range of services able to meet the most varied and complex requirements of the customers.

The group is, therefore, very confident to be able to create a new competitive force in the superyacht repair maintenance and refitting industry.

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