Acquisitions and Investments

Mergers, acquisitions and startups periodically reshape the marine industry, attracting innovators and other new investors.

Marine battery manufacturer gets loan for construction

Berks Co., Pa.-based East Penn Manufacturing Co., builder of automotive, marine and military batteries, will receive a $2 million, 15-year loan at 3.75 percent to construct a new building and retain 5,300 employees. The $9 million project is sponsored by the Greater Berks Development Fund. The loan is one of eight that was recently approved…more

L.L. Bean, lobsters and the new economy

To ensure a supply for her lobster-roll chain and a supermarket line of lobster products, Linda Bean, an heiress to the L.L. Bean fortune, has spent millions to acquire and upgrade three wharves and buying stations, as well as a processing plant, on Maine’s mid-coast. She now plans to open a “lobster academy” for chefs,…more

JRL/Marine Concepts to add jobs in Florida

JRL Ventures/Marine Concepts plans to add 75 jobs during the next three years and will receive $225,000 in assistance from the state of Florida and Lee County. Lee County’s Economic Development Office announced the county- and state-approved incentives package Monday, the News-Press newspaper reports. The package has two parts: a qualified tax incentive from the…more

Priority One reports growth in dealer partners

Priority One Financial Services reported the largest growth of new dealer partners in the history of the company during the first half of 2009. The company, which represents more than 500 marine and RV dealers nationwide, signed four times more new dealer partners compared to the same period last year. Priority One could not be…more

Enduratex moves corporate headquarters

China General Plastics Corp. of America, also known as Enduratex, completed the move of its corporate headquarters to Mira Loma, Calif. “This move marks a new chapter for Enduratex and provides us with an opportunity to provide our customers with improved operational systems and technologies which will help facilitate a greater expedition of distribution,” said…more

Monday marks infamous economic anniversary

Monday marks an anniversary that won’t be celebrated – the beginning of the global financial meltdown. It was a year ago Monday (Sept. 7, 2008) that Fannie Mae and Freddie Mac were taken over by the federal government. That event is widely seen as the beginning of the financial collapse that crippled the U.S. and…more

Koden sells SI-TEX brands to NSME

Koden America Inc., a subsidiary of Koden Electronics Co. Ltd. in Japan, has sold the SI-TEX brand to NSME, Inc. of Riverhead, N.Y. Under the terms of the sale, NSME will be responsible for the sales of all current SI-TEX products, and all warranties and repairs of currently supported SI-TEX equipment. NSME also plans to…more

Marine lending tightens further

Provident Bank finalized its merger with M&T Bank, removing one more marine lender from the retail landscape. “Provident was a fairly significant national lender,” with a portfolio of $350 million to $400 million in retail finance, said Don Parkhurst, who heads up marine lending for SunTrust Bank. “A lot of that volume is falling to us…more

Gibson opening larger warehouse

Gibson Fiberglass is opening a new 40,000-square-foot warehouse in Elkhart, Ind., to replace its original 12,000-square-foot facility. “This expanded facility will allow us to better serve our customers east of the Mississippi,” said president Joe Peng, in a statement. “While the economic situation has negatively impacted many of our customers in the composites industry, we…more

Priority One president names her successor

Priority One Financial Services president Lisa Gladstone is stepping down from the helm of the company she founded 22 years ago. She named Heather Mariscal, vice president of operations, as her successor. “I have had the joy of working with [Marsical] for several years and am impressed by the depth and speed at which she…more

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