MJM Yachts, which builds outboard and inboard-powered luxury dayboats, has launched a new division called Pamlico Yachtworks. It will be based in Washington, N.C. The company expects to create 207 jobs at the new facility over the next five years.
“We’ve been at capacity for years up at Boston Boatworks and we needed to add capacity,” Peter Johnston, CEO of MJM Yachts, told Trade Only Today. “This is part of the process to bring MJM beyond the limited older person’s Downeast categories. MJM has always had more capabilities than other Downeast boats.” MJM has been building its resin-infused, composite boats at Boston Boatworks since it started in 2002.
Johnstone wouldn’t reveal the location or specifics of the new facility but said that the company had been looking to expand into the Southeast region. Johnstone is part of a team that MJM will put in place to run Pamlico Yachtworks. According to a statement, the company is going to invest $12 million in the new location. The plan is to have the facility up and running in the new year.
The Boston facility will still build lower-volume MJM models, while the North Carolina factory will build the higher-volume offerings.
Johnstone has lived in the Carolinas for seven years and said that the Southeast has become the second-largest territory for the Rhode Island-based manufacturer. “It greatly extended our appeal in the market south of New England and New York.”
Johnstone explained that MJM has a history in the Carolinas, with the company starting in Charleston, S.C. Looking at the hull design, he also said that the bottom is “distinctly Carolina,” with a flared bow that the region is known for.
When asked if he has any concerns about building a workforce, Johnstone said: “Within a 50-mile radius there are a dozen good boatbuilders. There’s a history and tradition of a good boatbuilding workforce and the area has a history of a good work ethic.”
The Pamlico Yachtworks’ project in Washington will be funded in part by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee, said the statement. Over the grant’s 12-year term, the project is estimated to grow the state’s economy by $432 million. The state agency said that there could be a potential reimbursement of up to $1.7 million to Pamlico Yachtworks over the next 12 years.
“Although wages will vary depending on the position, the average for all new positions could reach up to $45,637,” said the statement. “The current average annual wage in Beaufort County is $37,611.”