HatterasYachts

Hatteras Yachts Extends Summer Furlough

More bad news for Hatteras Yachts. I wrote about the company's worker layoffs earlier this year. Now the North Carolina boat builder announced an extended six-week furlough over the summer. The company once employed 1,400 workers and now employs around 300 and Bill Naumann, Hatteras Yachts chairman, told the New Bern Sun Journal that for around 90 of those employees it will be"an indefinite furlough." Naumann who came out of retirement last fall to steer the company again, says this is the worst thing he's seen from an economic standpoint. Boat sales have continued to fall and Genmar, the industry's second largest U.S. manufacturer, declared bankruptcy on Monday. Hatteras, which makes sport fishing and motor yachts between 50 and 100 feet long has been in business since 1959.

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Tags: boats, hatteras yachts, HatterasYachts, yachts

Yacht Makers React To The Economic Crisis

by Deidre Woollard (RSS feed) —

Filed under: Yachts & Sailing

The yacht industry is starting to feel the pinch from the economic crisis. In December we saw Carver yachts double its holiday work stoppages. This week brought bad news from two major yacht companies. North Carolina's Hatteras Yachts cut another 330 workers this week. The company already cut 300 workers last August. The company hopes to rehire workers when the economic climate improves. Hourly employees will receive a severance package with two months' pay and full benefits.

Across the Atlantic, the Financial Times reports that Ferretti, the world's second-largest yacht maker, is preparing for the worst after sales of its megayachts have plummeted. The company's private equity owners are looking to hire advisers for debt restructuring. The company was flying high just six months ago, earning record profits and preparing to be offered on the Milan stock exchange. Ferretti owns the brands Pershing, Riva and CRN.

The London Boat Show was held last week and as Sky News reports the mood was cautiously optimistic with a modest but steady flow of orders.

Tags: carver yachts, CarverYachts, ferretti, hatteras yachts, HatterasYachts