Latitude Industries is reorganizing the company to build shareholder value and help weather the recession, the company announced.
Latitude Industries will keep Latitude Powerboats as its wholly owned subsidiary, continue research and development on an entry-level line of boats, hire a public relations firm to increase market share and introduce the product to new markets, and restructure and educate its sales team.
"We should not only focus in the marine industries, but we should span our horizon and seek new opportunities that are arising in this market," said COO Orlando Hernandez.
Latitude Industries was founded by the Hernandez family in December 1995. In 1998, a joint venture between Midnight Express and Navigator Powerboats, a subsidiary of Latitude Industries Inc., was founded to build the 39-foot and the 37-foot Wide Body Midnight Express.
This venture led to a government contract to build more than 40 Midnight Express 39-foot center consoles for U.S. Customs and Homeland Security to patrol the coast of the United States, the Caribbean, and the Gulf of Mexico.