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.”