New Zealand builders feel pinch of global recession
By IBI Magazine
Two New Zealand builders are victims of the latest global downturn. Cookson Boats said that it would be letting staff go after it finishes a current project, and according to local news sources, Genesis Marine announced that it was going into receivership last week. Cookson Boats has been producing high performance racing yachts for about 30 years, including a number of America's Cup boats for Team New Zealand. It also built Sayonara, which won four consecutive world maxi championships, Steve Fossett's Cheyenne (formerly Playstation) which set the round the world record in 2004, and Roy Disney's maxZ86 Pyewacket and supermaxi Maximus. Local news sources said that a lack of new orders for the company has prompted the owners to lay off all 62 staff members. Last week, Genesis Marine also announced that it was going into receivership. According to its website, the company was launched in the early 1980s. It builds cruisers and flybridge motoryachts from 40 to 52 feet.
(18 February 2009)
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