Breaking news: Brunswick sells Albemarle Boats
By IBI Magazine
Brunswick Corp has sold its Albemarle Boats brand to a North Carolina businessman, according to a local newspaper. Scott McLaughlin, who owns several businesses around the state, including Cypress Cove Marina in Columbia, has purchased the boat company and its manufacturing facility for an undisclosed amount. McLaughlin told the Raleigh News Observer that it was an all-cash offer, but would not elaborate on the price. He would only say that there were "definitely two commas in the equation." Albemarle Boats manufactures fishing boats from 24ft-41ft (7m-12m) from its facility in Edenton, North Carolina, and currently has 23 employees. McLaughlin says the factory has the capacity to build 100 boats per year. "The entire marine industry is a little bit troubled right now," McLaughlin told the paper. "But I think it's a good time to acquire a boat manufacturer. The value of the Albemarle name and the dealer network ... even despite the economic times right now, it's still an attractive deal." Albemarle was part of Brunswick's "Hatteras Collection" division, which is now comprised of the Hatteras and Cabo brands. "By selling Albemarle, we will pare redundancies in model offerings among our other offshore boat brands and will further reduce our North American manufacturing footprint, a key strategy moving forward," Brunswick spokesman Dan Kubera wrote in an email to IBI.
(6 January 2009)
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