The signing ceremony of the strategic restructuring agreement of Weichai and Ferretti groups in Jinan, capital of east China's Shandong Province, Jan. 10, 2012. [Xinhua]

Shandong Heavy Industries Group Co. Ltd. from east China's Shandong Province will buy Italian luxury yachtmaker Ferretti Group, according to an agreement the two firms reached on Tuesday in the provincial capital of Jinan.

The Weichai Holding Group Co., Ltd., a subsidiary of the group, will pay 374 million euros (US$ 292.7 million) for a 75-percent equity in the Ferretti Group.

Ferretti that is restructuring its assets, is one of the world leaders in the luxury yacht business, and manufactures 9 yacht brands. 4 of top 10 yacht brands in the world are from Ferretti.

Founded in 1946, the Weichai Group is one of China's largest heavy-duty vehicle and auto equipment manufacturing companies.