Century Boat Co. to undergo two-month shutdown

PANAMA CITY, Fla. – Century Boat Company, Inc. will temporarily shutdown its fiberglass boat manufacturing facility in Panama City, Fla. for the months of November and December, it reported in a statement on Friday. The shutdown will include the temporary layoffs of 103 employees.

“The marine industry is experiencing one of its weakest periods in recent history,” said Dean Burnett, Century vice president and general manager. “Stock market declines, political unrest, weak dollar valuations, tightening credit and shrinking discretionary income have created a “perfect storm” of chaos for the entire marine industry.”

Burnett explained Century’s strategy, suggesting the shutdown would allow it to “relieve dealer inventory pressure for the remainder of the calendar year and plan for the future success of this company in 2009 and beyond.”

“We are extremely optimistic that we will see stabilization in our economy during the first and second quarters of 2009, and when that time comes, Century will be well-prepared,” he said. “Our recent capital expansion project positions us for increased manufacturing capacity and efficiency in the near future.”

Century will operate the company at all levels with a small workforce that will be charged with maintaining all administrative and operational functions in the factory. Burnett said they plan on reopening after the first of the year after several of the larger boat shows conclude.

Century said its management and sales team will place emphasis on helping its dealer network retail Century product during the shutdown. Century Boat Company, Inc. is part of the Yamaha Motor Corp. family of companies.

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