VIDEO: Palmer Johnson will shutter Wisconsin plant

Palmer Johnson is closing its doors in Wisconsin and moving its yacht-building operation to Europe.

Palmer Johnson is closing its doors in Wisconsin and moving its yacht-building operation to Europe due to diminishing sales and increasing competition from overseas.

The company said in a statement that it is making the strategic decision to focus on the new carbon composite SuperSport series of yachts.

It told ABC’s local affiliate that about 100 jobs would be affected.

There has been strong interest in the SuperSport range and Palmer Johnson will gain significant competitive advantage by building its next generation of yachts in Europe, the company said in a statement.

The company finalized an agreement to take over a shipyard in the Netherlands, and the second PJ48-meter carbon SuperSport hull being built in Norway will be completed in the new facility from November this year. A third hull will follow in April.

Molds for the PJ 42-meter SuperSport are also being manufactured because Palmer Johnson has an order for the first yacht of this model, which the company said will be delivered in late 2017.

Palmer Johnson also will continue to produce its line of aluminum sport yachts in Europe, and a core team of company employees will be transferred to the European facility. The company said it will close its Sturgeon Bay facility after completing the third PJ 170 SportYacht, which is under construction.

Palmer Johnson told the station that its operations and employment have been diminishing, along with sales. Additional offshore competition also put pressure on the company. The company said these factors forced it to make the decision to close.

The company told its employees that it plans to close in 60 days. Bay Area Workforce is working to help employees who will be losing their jobs to find new positions.