SYRACUSE, Ind. – The Rinker Boat Co., which was founded in 1945 and now manufactures approximately 2,500 boats per year, has been sold to an investment group led by former general manager Kim Slocum, according to a story on an Indiana television station’s Web site yesterday.
The new ownership, which includes the Chicago-based private equity firm Code Hennessey & Simmons LLC, said it plans to increase production at Rinker’s manufacturing plant in Indiana, boosting its output to 3,500 boats annually within the next two years, WANE reported.
The plant currently employs 450, but Slocum, who has been named the company’s president, told the television station that number is going to rise.
“We plan to add several hundred more jobs in the next 18-24 months,” Slocum said. “I would say we’ll be up between 150 and 200 employees additional to what we have right now. We’ve established ourselves as a dominant force in the boating industry. My plans are to take that momentum and keep it going.”
In a press release issued by his former company, co-founder and departing president John Rinker said he felt the time was right for a change.
“This is the right match at the right time, one that will enable the management team to take the company to the next level of success and maximizes opportunities for shareholders, employees and the local community,” Rinker said. “We are excited about CHS and the significant growth opportunity presented.”
Terms of the sale were not disclosed.
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