The owners of Holland, Mich.-based Tiara Yachts are branching out with the formation of Energetx Composites, which plans to manufacturer wind turbine blades, nacelles and spinners for use in large utility turbine applications.
"Energetx Composites is uniquely positioned to provide precision engineering and world class manufacturing capacity in an optimal geographic location to effectively supply advanced composites for the growing wind energy industry in Michigan, the Great Lakes and internationally," principal David Slikkers, who also is president of Tiara Yachts, said in a statement.
Wind turbines require the same kind of composite fabrication as boatbuilding.
Though the new company was launched last summer, it is now in the process of securing contracts and work, and hopes to begin production and hiring closer to the fall, spokesman David Walsh said in an e-mail to Soundings Trade Only.
Walsh said the company expects to generate 1,068 jobs in the next five years, in addition to more than 1,500 indirect jobs the state expects will be created as a result of the company's anticipated growth.
Energetx Composites has received a 15-year MEGA Tax Credit, worth about $27 million, from the state of Michigan beginning in the fiscal year ending Dec. 31, 2010.
Walsh said this new company has no effect on Tiara.
"We are producing boats intermittently, but many of our employees are currently on furlough as we see field inventories begin to come in line with realistic retail activity," Walsh said.
— Beth Rosenberg