Century Boat Co. is shutting down its boatbuilding plant in Panama City, Fla., for two months because of the slow economy. The November-December closure will include the temporary layoffs of 103 employees.
“The marine industry is experiencing one of its weakest periods in recent history,” said Dean Burnett, vice president and general manager of Century Boat Co., in a statement.
“We are taking this action now so that we can relieve dealer inventory pressure for the remainder of the calendar year and plan for the future success of this company in 2009 and beyond,” he added.
Burnett said the company is “extremely optimistic” the economy will stabilize in the first and second quarters of 2009. With its recent capital expansion project, he said Century is well-prepared for the turnaround when it comes.
Century plans to reopen the Panama City plant after the first of the year, following the conclusion of several of the larger boat shows. In the meantime, Burnett said Century’s management and sales team will place greater emphasis on helping dealers at the retail level.