Silverton reducing work force

Author:
Publish date:
Social count:
0

Silverton Marine Corp. will lay off 202 employees, beginning today, according to the New Jersey Department of Labor.

The layoffs will take place through March 26, according to DOL spokesman Kevin Smith, who said the company cited current economic conditions as the reason for the layoffs.

Calls to Silverton this morning by Soundings Trade Only were not immediately returned.

According to a report in the Daily Journal newspaper, the company had nearly 500 employees as of October 2008. In addition to its New Jersey facility, it also has locations in Florida and Maryland.

The newspaper reported that a letter from Silverton president Richard Cerami Jr. to employees said the company had not shipped a boat to a dealer in two months. He listed rising unemployment, lack of available credit for customers, lack of attendance at boat shows, and dealerships filing for bankruptcy as reasons the boat market has declined.

Silverton, which celebrates its 40th anniversary this year, is a subsidiary of the Luhrs Marine Group, along with Mainship Corp., Luhrs Corp. and sailboat builder Hunter Marine Corp.

Related

MarineMax has strong second quarter

MarineMax grew revenue more than 10 percent to $270.6 million in the second quarter, prompting the company again to raise its annual expectations to $1.44 to $1.50 versus its prior expectations of $1.30 to $1.40 per-diluted-share.

Brunswick releases first quarter sales

Brunswick Corp. announced that consolidated net sales increased 7 percent in the first quarter, with the marine engine segment up 9 percent and the boat segment rising 7 percent over last year.

Flir posts first quarter results

First quarter revenue at Flir Systems Inc. grew 8 percent to $439.6 million, and organic revenue was up 13 percent, due in part to strong results in the Raymarine.

Connecticut Spring In-Water Boat Show announces exhibitors

The 3rd Annual Connecticut Spring Boat Show will be held May 4-6 at Brewer Essex Island Marina in Essex, Conn., and will feature boats from Albemarle, American Tug, Back Cove, Beneteau, Boston Whaler, Buzzards Bay, Catalina, Chris Craft, Cutwater, Dufour, Dyer, East Bay, Formula, Four Winns, Grand Banks, Hunt, Legacy, Mainship, Maxim, Meridian, MJM, Monterey, Nordic Tug, Ranger Tug, Rossiter, Sabre, San Juan, Scarab, Scout, Sea Born, Sea Ray, Shelter Island, Southport, Surfhunter, Tiara, Vanquish and more.