Marine stabilization company Seakeeper Inc. expanded its operations by 50 percent to accommodate what the company called record-breaking, year-end results in 2017.
That growth was on top of a more than 50 percent increase in shipments in 2016, creating a compound annual growth rate of 42 percent over the past five years.
“This was a strong year for our team. Not only are we creating a superior product, we’re a growing company that values its employees, vendors and customers alike,” said Seakeeper COO Andrew Semprevivo in a statement. “Every day we are changing the way the world boats, and we will continue to stay on the forefront of product development until people reminisce about the day that boats used to roll.”
Sales on units for vessels under 50 feet increased 130 percent year-over-year. The company added 25 new positions in 2017, as well as 27 dealers. Continued growth in 2018 will include new product launches, as well as six demo boats around the world, an increase from two.
Seakeeper released two products last year. The Seakeeper 3, the first DC-powered gyro, began shipping in April for boats 30 to 39 feet. The Seakeeper 6 made its debut in July for boats 40 to 49 feet and offered 20 percent more performance in the same footprint as its predecessor, the Seakeeper 5.
To accommodate the increase in demand and growing product line, Seakeeper expanded its Mohnton, Penn., plant by 50 percent and created 12 new production lines — allowing it to increase production capacity to more than 6,000 units per year. That’s triple the company’s 2017 capacity of 2,000 units.
Additionally, the company will open a new office in Lavagna, Italy, later this year. That space will include storage for spare parts that will result in quicker distribution across Europe.