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Haikou Jiangdong New Area
Italian SME

Somec Group

October 23, 2019


Abstract : Somec has received the first order from China, with a value of approximately 7 million euros.

Somec has received the first order from China, with a value of approximately 7 million euros. The order concerns the design and supply of windows for the cabins and public areas of a new cruise ship owned by the Carnival group destined for the Chinese market, commissioned by Shanghai Waigaoqiao Shipbuilding Co., Ltd.. The Delivery is expected by 2023.

The order represents an important step in the international expansion strategy of the group that includes China as a seascape development market. This is why the Somec Shanghai Co. branch was established in March, anticipating market needs and growth opportunities in the Chinese cruise industry.

The presence of Somec in China not only expands its ship-related business, but also develops the growth potential of Chinese port cruises, and provides on-site technical services for the modification and maintenance of ships on Asian routes (so far only in European shipyards).

For the Majestic Princess, Somec created the Seawalk, the glass-floored catwalk suspended 39 meters above sea level, the sliding doors, the balustrades and the partition walls of the balconies, as well as all the windows and screens in public areas.

For Norwegian Joy, customized for the Chinese cruise market, which premiered in China last year, Somec created the prefabricated balconies complete with aluminum floor, balustrades and partitions, in addition to the glass cover of the Haven pool.

And for the World Dream, Somec has developed a new design of prefabricated aluminum balconies, complete with dividers and balustrades for the cabin area. For balustrades and screens of public bridges, Somec has supplied the handrails, made of aluminum with a wood-effect finish, a new concept product able to guarantee durability, lightness and strength, as well as greatly reducing maintenance needs.

As a part of the expansion strategy in Asia, the Somec Group intends to strengthen its influence by expanding its service scope, including all services of the Seascape Division, and actively optimizing the services of cooking equipment and public areas and glass assembly.

Somec will participate in the 2019 Marintec China, the most important trade fair for the Asian ship and cruise industry which will be held at Shanghai New International Expo Centre from December 3 to 6, 2019. This demonstrates the expansion strategy launched by Mr. Oscar Marchetto, leader of Somec and protagonist of the development of the company in the last two years. His management achievements are both due to the growing demand for cruise ships and to the success of architectural coatings production, a sector in which Somec operates with the company named Fabbrica from the United States.

Market data confirm the growing business opportunities in the Asian market for the marine industry. In 2018, Asian cruise routes accounted for about 9% of global routes. In 2030, the Chinese market is expected to have 80 to 100 cruise ships, with an annual service volume of 20 million passengers. Since the beginning of the year, the Somec Group has received orders of more than 267 million euros, with an uncompleted order of 431 million euros as of December 31, 2018.

In the cruise sector, orders received by the Group including manufacturing and modification have been placed until 2027. The total size of the cruise market is estimated to be 70 billion U.S. dollars in the next decade. At the same time, Somec is working on development and construction related business through the American subsidiary Fabbrica acquired last year.

The Somec group currently controls 11 companies with 530 employees, a quarter of them are engaged in design. In 2018, the consolidated turnover reached 168.9 million euro, with a year-on-year increase of 50 percent, and the operating profit margin (EBITDA) was 10.6 percent, equivalent to 17.9 million euros.

In the ship business, Somec also offers kitchen equipment, furniture and interior equipment.

(Source: Class Editori S.p.A.)

Performance

Somec, production of glass and equipment for ships and buildings

Turnover in 2018: 169 million euros


Management

Oscar Marchetto, CEO and main shareholder


Contact details

Somec - Via Palù, 30 - 31020 San Vendemiano (Treviso)

Tel: +39 0438 4717 - Email: info@somecgroup.com


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Keyword: Somec Group

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