Twin Vee Boats of Fort Pierce, Fla., is temporarily shutting down production to keep its inventory backlog in line with the continuing slump in sales.
The company will resume production Jan. 5, CEO Scott Noble told Soundings Trade Only this morning. Until then, the catamaran fishing-boat builder has laid off most of its hourly production workers, with seven employees remaining through the rest of the year.
“We are tapering down the company so we can go into survival mode over the next few weeks,” said Noble.
Twin Vee was founded in 1994 by Roger Dunshee, who sold the company in 2003 to Stonehenge Capital, a private investment firm. At the time, the company had about 100 employees. Last January, it had about 50 employees, but through attrition and layoffs, that number was down to around 10.
Echoing comments made throughout the marine industry over the last several months, Noble says the lending community has inhibited sales by clamping down on floorplan and retail lending.
He says there are some bright spots to the current situation. He says it has forced the company to better manage field inventory and tighten manufacturing operations so it can emerge from the downturn leaner and stronger.
“We’ve been able to dissect how many labor hours it takes to produce a product,” he said.
— Melanie Winters