Skip to main content

Four Winns granted multimillion-dollar tax credit

Michigan officials have awarded Four Winns a state tax credit valued at $27.1 million over eight years.

The funds are meant to encourage the company to expand in Michigan over competing sites in Minnesota and Tennessee. The city of Cadillac is considering an abatement in support of the project, state officials said in a statement.

"The manufacturer of recreational fiberglass boats has defined a project to invest up to $63 million over the next eight years, an average of $7.9 million per year, to expand in Cadillac to support increased production of Four Winns, Wellcraft and Glastron boat brands currently produced in Cadillac and Little Falls, Minn.," Michigan officials said.

"Assuming a return to peak manufacturing levels, the project has the potential to create 5,255 total jobs, including up to 2,320 directly by the company, between now and 2018," the release stated. "The MEDC estimates the increased economic activity created by the project could create an additional 2,935 indirect jobs."

Four Winns was one of 10 companies to receive such incentives. Combined, the 11 projects are expected to create 17,321 new jobs (5,749 direct and 11,572 indirect) and generate more than $804 million in new investment in the state.

Related

VOLVO-EARNINGS

Volvo Penta Reports Q4, FY22 Results

Net sales of $470 million for the quarter were a 33% increase compared to the prior year period.

Pulse-Report

DEALERS: Are You Improving the Service Experience?

Our monthly Pulse Report survey asks this and other questions about your dealership. Take the survey here.

NMRA-SCHOLARSHIP

NMRA Sets Scholarship Deadline

Students pursuing education in the marine trades can apply for the National Marine Representatives Association awards until April 1.

MARINE-PRODUCTS

Marine Products Reports Record Q4

The builder of Chaparral and Robalo boats reported net sales were up 42% for the quarter and 28% for fiscal year 2022.

1_SHURHOLD

Shurhold Appoints COO

Forrest Ferrari has years of management, business development, IT and quality-assurance experience.

MOBILE-CATCH-CENTER

RBFF, Pure Fishing Partner for a First Catch Center

Pure Fishing will equip a mobile trailer with tackle and gear to bring fishing experiences to areas of South Carolina where participation is low.

Norm

An Oft-Overlooked Sales Opportunity

A recent report from the Recreational Boating & Fishing Foundation showed that women comprise 37% of all anglers. If you haven’t tapped this segment, you’re missing out.

1. 2023 new boat retail outlook

Too Many High-Priced Boats

To wrap up 2022, marine retailers reported lower demand, expressed more negative sentiment and voiced concerns about rising inventory. Boat prices and the economy remained top of mind for dealers in December.

Soundings Nov 2022

New-Boat Registrations Continue to Slide

As the gaudy sales figures from the pandemic continue to return to more realistic numbers, the main segments of the recreational boating industry saw new-model registrations of 4,421 in November, a 30.3% drop from 6,340 during the same time in 2021. .