Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Azimut Benetti is an Italian yacht manufacturing company. This company was founded by Paolo Vitelli and it is the largest private group in the nautical sector in the world. In 2012, Azimut Benetti Group announced that it would firmly defend its Italian roots by moving the production activities of three entry-level yachts sold under the Azimut Yachts trademark from Turkey back to Italy. According to the company’s statement, the reasons behind this movement are “made-in” effect of Italy and group’s strategy of reinforcing its roots in Italy. In 2015, after moving a part of the production elsewhere, Paolo Vitelli moved almost all the factories which producing the most luxurious yachts in the world back to Italy. "We have decided to become more Italian and close to our outlets, so far only a small plant is still in Brazil," he said, "for those who want to buy a luxury and prestige product, the product with 'made in Italy' label will make them satisfied.”
Eurofound (2015), Azimut-Benetti Group, Reshoring in Italy, factsheet number 104, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/104.