LEXINGTON, S.C. – Glassmaster Co. (OTCBB:GLMAE.OB) has purchased Penn Craft, L.L.C. assets, a center console, bay boat product line from 18 to 22 feet in length, the company reported in a recent statement. The purchase price was not disclosed.
This product line will be a part of Glassmaster Marine, L.L.C., 100-percent owned by the Glassmaster Co. Other boats will be a high performance line of pleasure boats starting with the 23.5-foot Staccato Series.
The company said it’s in discussion with representatives from Georgia, North Carolina and South Carolina on finding the best location for the production facility. Employment will increase as the tooling for the new models is completed with initial employment of 35 to 50 employees, Glassmaster stated. The boats will be available for the 2006 model year through dealerships.
Glassmaster Co. built over 40,000 boats during 32 years from 1958 to 1990. They built patrol boats for the DNR Departments in the states of Alabama, Louisiana, North Carolina, South Carolina and Virginia for over 25 years as well as for the U.S. Government. The company continued to serve the marine industry with products from Glassmaster Controls in Kalamazoo, Mich., such as throttle and shift controls for marine engines and accessories controls for boat builders.
Glassmaster Co. is a Lexington, South Carolina based processor-fabricator of thermoplastic and thermoset plastic materials.
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