Acquisitions and Investments

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

ITT Rule Industries moving production to Mexico

ITT Rule Industries is moving its production line from Massachusetts to Mexico, its corporate parent announced Monday. Nearly 90 jobs will be lost because of the move, the Gloucester Daily Times reports. Cuts to the local work force will be phased in starting in August and accelerated through the fall, until all manufacturing is halted…more

Naiad Maritime Group buys product manufacturers

Naiad Maritime Group recently acquired VT Motion Control Group from VT Group Plc. The acquisition includes marine system brands Naiad Marine Systems, Maritime Dynamics, Vosper Motion Control and Vosper Stabilizers. These businesses collectively constitute one of the world’s largest suppliers of roll stabilization systems spanning the commercial ship, luxury yacht and military sectors. With the…more

Slip sells for $4 million

A megayacht slip at Key Largo’s Ocean Reef Club has sold for a record $4 million, according to Russell Post Sotheby’s International Realty, the agency that represented both parties in the transaction. “In spite of the economy, the demand for megayacht slips has not waned,” said Russell Post, the agency’s president, in a statement. “There…more

Fairwinds moves its Florida headquarters

Fairwinds Technical Services recently relocated to a new, larger facility. The full-service marine electronics company moved its headquarters from 256 Riberia Street to 134 Riberia Street, Unit 5, in St. Augustine, Fla. The property is locally known as No Name Marina. The new location will better serve the public with its first-floor location and wheelchair…more

OPINION: Is the recession over?

The “real” recession started in September 2008, not December 2007, according to economists Brian S. Wesbury and Robert Stein, and they believe it will be over by mid-2009. The Forbes.com columnists point to the 1 percent annual rate growth in real gross domestic product between December 2007 and August 2008, which they say “doesn’t look…more

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Foorplan squeeze: reaction to GE’s rate hike

The lender says it had no choice but to increase rates and that it is not exiting marine floorplanning Dealers around the country, already struggling to make ends meet, say they were shaken by the news that GE Capital Solutions was raising its interest rates and making other changes in its financing policies. And some…more

Dyna-Tech buys Trim Master Marine

Dyna-Tech Corp. of Largo, Fla., recently acquired the assets of Trim Master Marine Inc. A purchase price was not released. “Trim Master Marine has been in business for over 20 years and has a reputation for building superior products,” Dyna-Tech owner Terry Welsch said in a statement. “When given the opportunity, we purchased the company…more

Economic recovery expected to take a while

One result of the recession is the mothballing of the country’s means of production, such as boat manufacturing plants, workers, retail outlets and bank lending, according to a recent report. “So even if the recession miraculously ended tomorrow, economists estimate that at least three years would pass before full employment returned and output rose enough…more

Lender merger alters financing field

A bank merger between two retail marine lenders could eliminate, or at least change, another source of boat finance. The merger between Provident Bank and M&T, announced Friday, is slated to take place this spring. The merger will help Baltimore-based Provident in this “challenging economic environment,” said Gary N. Geisel, Provident chairman and CEO. “While…more

Wachovia pulling out of marine finance business

Wachovia Dealer Services announced to dealers it was pulling out of the RV and marine financing business in a statement released this week. Wachovia spokespeople did not return calls seeking comment, but a letter distributed to dealers on Wachovia Dealer Services letterhead was obtained by Soundings Trade Only today. The letter said Wachovia officials decided…more

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