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Recognizing tariff impacts, Beneteau to announce more details of U.S. strategy - Trade Only Today

Recognizing tariff impacts, Beneteau to announce more details of U.S. strategy

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Beneteau CEO Herve Gastinel will make an announcement about the group’s U.S. strategy on July 9.

Beneteau CEO Herve Gastinel will make an announcement about the group’s U.S. strategy on July 9.

Groupe Beneteau issued a statement acknowledging the impact of tariffs on its U.S. brands — Four Winns, Glastron, Wellcraft and Scarab. The company said tariffs introduced by the Trump Administration and retaliatory tariffs from the European Union and Canada have prompted the “adoption of rebalancing measures” on recreational boats.

Beneteau said it was “carefully evaluating” the impact of the tariffs but that it should have a “limited effect” on the company’s current fiscal results.

Groupe Beneteau Americas CEO George Armendariz told Trade Only Today on Wednesday that the tariffs are putting exports of its four U.S. brands “at risk.” He added that all orders for new boats to the European Union and Canada have been cancelled through Aug. 31. “If this thing goes on more than 90 days or so, we’ll be considering layoffs,” Armendariz said.

The company is also considering transferring some production from the United States to Europe, according to Armendariz, to avoid the tariffs.

Groupe Beneteau said the four Cadillac, Mich.-based boat brands have grown market share in the United States. “In addition to new product development, dealer development in underserved markets has been intensified,” said the statement. “Over the last three quarters, all four American brands thus gained market share in the U.S.”

Groupe Beneteau said it would reveal more details about its U.S. strategy on July 10, when it reports revenues for the first three quarters of its fiscal year.

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