Grand Banks Forms GB Marine Group

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Last year, GB Marine Group consolidated production facilities to its Malaysia plant.

Last year, GB Marine Group consolidated production facilities to its Malaysia plant.

Grand Banks Yachts announced the formation of the GB Marine Group, which includes the Eastbay and Palm Beach brands.

Last year, the company consolidated production to Malaysia to improve operational and cost efficiencies, with Palm Beach manufacturing relocated from Australia to Pasir Gudang.

A Palm Beach model nears completion.

A Palm Beach model nears completion.

CEO Mark Richards said all model lines will to adopt the proprietary V-Warp hull design, first used by on the initial Palm Beach models launched in 1998.

“Due to the amazing performance characteristics of our V-Warp technology, we have incorporated the same ethos across all the GB Marine Group Brands,” Richards. “The decision to do this was based on our experience with the platform, and our dedication to build and deliver the highest quality and best-performing motoryachts in the industry.”

Marine Group CEO Mark Richards.

Marine Group CEO Mark Richards.

The builder said it plans to fully reopen its plant in the coming weeks, reporting a full order book and a 300 percent year-over-year increase in net profit, despite prolonged periods of partial or full closures. In mid-June, Grand Banks announced it would continue to pause operations at the Malaysia facility in compliance with the government’s extension of restrictions to curb to spread of Covid-19.

Despite months of paused operations, the company reported a 300 percent increase in net profit from last year.

Despite months of paused operations, the company reported a 300 percent increase in net profit from last year.

“The pandemic has led to temporary production halts in Malaysia on the one hand, and increased demand for bigger luxury boats on the other,” board chairman Heine Askaer-Jensen said in the statement. “Despite the immense challenges, we have delivered a commendable performance in 2021 with a healthy order book.”

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