Skip to main content

Viking Yachts cuts 70 jobs, cites slowing production

Viking Yachts has eliminated around 70 positions and placed another 75 employees on furlough for two to six weeks, director of communications Peter Frederiksen told Soundings Trade Only.

Frederiksen said about 20 administrative posts were eliminated, along with about 50 production jobs. The layoffs have been ongoing at the New Gretna, N.J., boatbuilder.

“We’ve had to cut back because we’re just not in a growth market anymore,” he said, adding that the company still employs nearly 1,400 people.

“Our backlog is down a little bit, but over the last two months we did sell some 50s and some 54s, and [Monday] is the first time since I think mid-July when the oil prices actually went down to their pre-July levels,” Frederiksen said. “There are little nuggets of sunshine, so hopefully this is a sign of things to change.”

The company’s international sales, he noted, have increased from about 5 percent of sales in 2005 to more than 30 percent in 2008.

The furloughs were done to accommodate the builder as it moves the production of four boat lines around, including moving two lines into a new building. Frederiksen said he expects the furloughed workers to be back on the job after the Fort Lauderdale International Boat Show, which runs Oct. 30-Nov. 3.

Frederiksen said the company is hopeful it will not need additional layoffs.

“Right now we seem to be in a holding pattern, and we hope we can hang on to this for a while,” he said. “We’re hoping this gets us through.”

— Beth Rosenberg
b.rosenberg@tradeonlytoday.com

Related

Insider Access

My hope is to include at least one insider story in every issue of Soundings Trade Only to provide a look at corners of the trade that some folks might not know exist.

IMG_8361

Finding the Next Buyers

Discover Boating commissioned a research study to fine-tune targeting efforts in marketing.

AdobeStock_172380409

How to Create a Great Workplace

With insights gleaned from more than 16,000 individual industry employee satisfaction surveys, the Marine Retailers Association of the Americas has gained new understanding and answers of how to drive employee engagement.

Q&A_Brunswick

Q&A with David Foulkes and Alexandra Cattelan

After divesting its well-known bowling, billiards and fitness brands, Brunswick Corp. emerged as a boating-focused conglomerate, with familiar brands including Sea Ray, Boston Whaler, Bayliner, Protector, Lowe Boats, Mercury Marine, and Freedom Boat Club.

AdobeStock_310603612

Two Secrets to Getting Results

Any leader can give reasons for failing to achieve acceptable results. The best leaders overcome inevitable challenges, and some of those leaders make it look easy. Some seem to drive results effortlessly, while others struggle.

1_RIGHWHALES

Industry Pushes Back Against Speed Restrictions

A NOAA Fisheries proposal would restrict boats 35 feet and larger to a 10-knot speed limit along the East Coast to protect right whales from vessel strikes.

4_MAGONIS

Magonis Opens Connecticut Office

The Spain-based, electric-boat builder offers an 18-footer that’s available with motors from Torqeedo and Mag Power.

01_YOUTH.FISHING

Bill Seeks to Increase Youth Fishing

The bipartisan Coastal Fishing Program Act of 2022 would ease barriers to accessing the outdoors in underserved communities.