Palumbo Acquires Eighth Mediterranean Shipyard

4th October 2018

“Malta’s shipyard in Cottonera is strategically positioned at the centre of our network, as we remain focused to tap every opportunity and continue expanding our network,” said President Antonio Palumbo.

Palumbo Group has just secured complete control of Croatia’s historic Viktor Lenac shipyard, acquiring an 80 per cent share in the company and further strengthening the Group’s position in the Mediterranean.

Owners of Malta’s thriving shipyard in Cottonera, Palumbo Group’s latest move will see the empire of Neapolitan businessman and Group President Antonio Palumbo grow to eight shipyards as he focuses on providing specialised offshore services and expanding the superyacht business.

“Acquiring control in the Viktor Lenac shipyard means we’re casting our net as wide as possible to continue offering the best service for our clients in a cutthroat environment of cost-cutting,” Mr Palumbo said.

“Malta’s shipyard in Cottonera is strategically positioned at the centre of our network, as we remain focused to tap every opportunity and continue expanding our network,” he added.

Antonio Palumbo (centre) with his two sons Giuseppe (left) and Raffaele.

Antonio Palumbo (centre) with his two sons Giuseppe (left) and Raffaele.

Situated on the northern Croatian Adriatic coast, the Viktor Lenac is one of Croatia's major shipyards, which traces its history back to 1896 and holds a long tradition in ship repair.

Today, the Viktor Lenac specialises in ship conversions and repairs and among its clients is the US Navy, which serviced several of its ships there in recent years.

When Palumbo Group had first acquired a 14 per cent share in the shipyard in May, Viktor Lenac CEO Aljosa Pavelin had welcomed the move as an opportunity to create considerable synergy and merge expertise.

Shortly after this, Mr Palumbo had the opportunity to launch a public offer to secure majority shareholding, which he succeeded in acquiring in recent days. His priority is to continue consolidating the strengths of his shipyards — that include Malta, Naples, Messina, Marseilles, Tenerife, Savona and Ancona — to meet the market’s demands and exceed expectations.

“I can assure everybody that our philosophy to innovate and embrace change will continue to guide us as we move forward with optimism and confidence.”


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