Formula Spars acquires Hood Yacht Spars
LYMINGTON, England – Mast manufacturer Formula Yacht Spars Ltd. has acquired Hood Yacht Spars Ltd. of Burnham-on-Crouch, England, and the single entity now becomes the UK’s largest producer of carbon and aluminum yacht spars, Formula said in a release today.
“This is a major step forward for us as both companies specialize in different sectors of the market,” Formula general manager Mark Merritt said. “Merging our technical capabilities allows us to offer customers an even more comprehensive package based on the unrivalled experience in our fields.”
Hood Yacht Spars Ltd recently went into receivership but manufacturing will now continue at its existing Burnham facility, and Formula says no layoffs are anticipated in Hood’s 25-person workforce. Burnham will continue to support major East Coast manufacturers and specialize in cruising rigs, as it has done for the last 20 years. However, to enable the company to develop a corporate profile from the acquisition, the Burnham facility will change its name to Formula Hood, the company said.
John Boyce, founder of Boyce Spars and later Hood Spars, will remain a consultant to the company, while Hugh Carpenter has been appointed to guide the Burnham facility through its integration with Formula.
“The addition of Formula Hood to the company means that we can continue our expansion of the Lymington factory to cater for high performance rigs for racing yachts,” Merritt said. “As a group, Formula can now offer the highest quality spar technology for virtually all types of sailing yacht.”
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