Mustang Marine thrown a lifeline
The future of Australia's second largest luxury boatbuilder, Mustang Marine, was secured last month after a purchase arrangement was finalised with the Asian-based Principal Trading arm of South African financial institution, Standard BankStandard Bank personnel will spend significant time interacting with Mustang staff, dealers, customers, and local and international suppliers as the brand is revamped and rebuilt.
The announcement ends 10 weeks of speculation after the industry icon was sent into receivership by its credit provider, the National Australia Bank.
In evaluating the business, Standard Bank noted Mustang’s strong global brand, its strength and iconic appeal in Australasia, product quality, market share, and strong core business.
The new owners are also encouraged by the marine industry’s growth in the Asian segment and believe the company is very well placed to take advantage of the opportunities available from this growing region.
2007 was an eventful year for the award-winning builder with the release of a new three-model Sports Flybridge range, the announcement of new dealers in Europe and the USA, and the development of its close relationship with the George Gregan Foundation charity.
Mustang makes a range of Sports Cruiser and Sports Flybridge craft for local and international markets.
For more info, phone (07) 5571 7255 or visit www.mustangmarine.com.au
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