Genmar boss expands into wind-turbine blades

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VEC Technology chairman Irwin Jacobs plans to manufacture wind-turbine blades with the same high-tech fiberglass technology that he uses to build boats.

Within the next three years, Jacobs said, he intends to open three to five factories in the United States to manufacture blades that will generate $450 million to $750 million a year in revenue, according to an article in the Minneapolis Star Tribune newspaper.

Jacobs will travel to Europe this week to meet with potential investors, and is looking at national and international arenas to market an array of fiberglass products he wants to build through VEC Technology, a Pennsylvania-based company of which he is chairman.

Jacobs’ Genmar Holdings filed for Chapter 11 bankruptcy protection June 1. VEC Technology, he has said, is not in Chapter 11.

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Comments

8 comments on “Genmar boss expands into wind-turbine blades

  1. blackjack

    I’m not a Genmar groupie, but give Jacobs a break. It’s easy to snipe, but if you take the time to read the publicly recorded list of the 20 top Unsecured Creditors in the Genmar Ch. 11 case, you will quickly conclude that Genmar was, as Jacobs has asserted, paying its bills. The single highest claim is for approx. $110,000 owed to an insurance company. The next few claims are for $75,000 or less. The balance are for around $14,000 or less. And those are the top 20.
    This is important, because it backs Jacobs assertion that Genmar was being unfairly and without notice squeezed by its lenders, who were “sweeping” his accounts (anyone familiar with the mechanics of a rolling line of credit will understand this), and that Genmars only tool for response was a Ch. 11 filing.
    Before your one-liner quipsters amuse themselves at someone else’s expense, they (and you) should take a look at the facts and the public record.

  2. JP

    blackjack,
    You are incorrect.  The documents you viewed were just a partial list in the initial filing.  Subsequent documents reflect a top 20 list by Genmar location, and when added together Volvo tops the list at $5.2MM  followed by Mercury at $2.2MM, EZ Loader trailer, GE, and a host of key industry suppliers owed hundreds of thousands of dollars.   Quit drinking the kool-aid; he was not paying his bills.  Many suppliers will not recover from this and we will pay for it.  It is in the public record.
    He does not care about this industry.  He only cares about getting out of his obligations.

  3. Arch

    BLACKJACK, before you make any assumptions, you should know that there is more to a man than what he owes.
    You are a tool for trying to defend him. 
    If only you knew the truth from some of the lenders, and personally knew some senior mgmt people that have worked for Genmar, then maybe you would realize this. 

  4. boatman

    Blackjack needs to check his facts before posting fiction. If you look at the top 20 Unsecured creditors all of the Genmar companies in the Chapter 11 filing, they owe over $5,266,000 to Volvo Penta, just short of $2,000,000 to Mercury, $845K to EZ Loader, $1.8 million to a Turkish company, over $1.5 million to GE, $557K to Interplastics Corp, $415K to Inland Plywood, $467K to Bombardier, over $536K to Textron, $779K to North American Composites, $495K to Nuvolari, $270K to Johnson Outdoors, $238K to Inland Power, $241K to Navico and a long, long list of other creditors with multiple six figure claims.
    How you decipher this info and come to the conclusion that Genmar was paying it’s bills is beyond me.

  5. Blood..thicker than water

    We are 80% water and we are born in the womb of water and yet the largest Cruise Lines globally are ALL on Felony Probation for DUMPING OIL SEWAGE & HITTING WHALES. Paste this website in menu bar and see the facts about our boat industry.

    http://www.cruisejunkie.com/largefines.html

    My own boat I lost was a small boat a union producer’s girlfriend
    stole by switching the title but humans were not meant to own the water worlds…we are just GUESTS with our sea animals!

    I stopped here to note, that the largest gift in business is to mentor, and take on supporting the lil man on the totem pole. There may come a time when we might all be on the Titanic, but if we have one memoire of tossing a few life rafts and creating a good effect, possibly one might see the light of those whales and know that animals speak LOUDLY and so does MOTHER EARTH’s waters….save the water, not the boats.

    He made the right move.as wind does not harm our planet like boats and wind will save our planet…the shift in consciousness must mean IRWIN is finally a VEGETARIAN or at least not eating the blood of the SHARKS….as he is a good shark, but that is a dinner meal to some at times.

    namaste…”blood is thicker than water…”

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