Skip to main content

Correct Craft acquires Velvet Drive

From left, Sean Marrero, Correct Craft chief strategy officer and Watershed Innovation president, John Bolton, velvet drive vice president of operations, Angela Pilkington, Correct Craft vice president/chief of staff and Mark McKinney, Pleasurecraft Engine Group president.

From left, Sean Marrero, Correct Craft chief strategy officer and Watershed Innovation president, John Bolton, velvet drive vice president of operations, Angela Pilkington, Correct Craft vice president/chief of staff and Mark McKinney, Pleasurecraft Engine Group president.

Correct Craft has purchased Velvet Drive Transmissions. The marine transmission company will be vertically integrated into Pleasurecraft Engine Group, which builds the motors for Correct Craft boats.

“The acquisition of Velvet Drive is not only an important vertical integration for our engine company but will also provide us another innovation platform,” Bill Yeargin, president and CEO of Correct Craft, told Trade Only Today in an email. “The team at VD are very talented and they have a facility and equipment that can easily be leveraged to help us develop innovative new products. Correct Craft has no plans to make any personnel changes at the company.”

Velvet Drive manufactures marine transmissions and offers a variety of custom gearing for industrial equipment in Liberty, S.C. Velvet Drive will remain in its current location.

“We are excited to welcome the Velvet Drive team into our Pleasurecraft Engine Group Family,” Mark McKinney, Pleasurecraft Engine Group president, said in a statement. “Velvet Drive has a 65-year reputation of making the highest-quality marine transmissions and industrial equipment in the world and we are excited to build on that foundation and take their products to new heights.”

Related

A Tax Incentive for Innovation

A deep dive into the research and development tax credit usually yields savings

ABYC Reschedules Meetings

Postponed due to Covid, the annual meeting goes virtual in February, and the Marine Law Symposium moves to April in Providence, R.I.

Daiwa Appoints Marketing Manager

Marc Mills will handle marketing efforts for North American and South American markets.

VIP Access Available for MIBS

The tickets include admission to the VIP lounges at One Herald Plaza and the Miami Beach Convention Center, along with other perks.

South Fork Wind Farm Gets EPA Approval

The Clean Air Act permit contains pollution control requirements for the construction and operation of the wind farm, which will be located southwest of Martha’s Vineyard.

Dockmate Launches New Technology

The SoftDocking wireless remote control system eliminates the delay between engaging the throttle and the boat beginning to move.

Minneapolis Innovation Award Winners Announced

NMMA and Boating Writers International handed out the awards in four categories during the Minneapolis Boat Show preview yesterday.