Limestone Boat Company makes ‘significant’ staff cuts
The Limestone Boat Company — owner and builder of Aquasport Boats, Limestone Boats and Boca Bay Boats – has made “significant” staffing cuts in response to ongoing market uncertainty.
In a brief statement, the Canadian boatbuilder says it has made “significant staffing realignment and cuts” to its operational and management teams in both its Tennessee manufacturing facility and Ontario head office. The firm says these cuts have been made “in response to economic conditions and ongoing supply chain challenges.”
The statement adds: “Given the current market conditions, these changes will allow the company to continue to focus on its production, engineering and marketing initiatives and deliver its higher demand, higher-margin models to market in greater numbers while increasing the company’s gross margin and improving profitability in Q4 and beyond.”
Scott Hanson, CEO of the Limestone Boat Company, says: “With these changes, the company is better positioned to weather the market uncertainty and ongoing supply chain challenges while maximising the strong demand for our higher-margin products from both existing and prospective dealers evident by company’s order backlog through the 2023 Model Year and beyond.”
There have been concerns internationally in recent months that the invasion of Ukraine could have a knock-on effect across the industry, following the post-pandemic bubble.
Earlier this month, The National Marine Manufacturers Association (NMMA) reported new US powerboat sales year-to-date were at 187,000 units through July in North America, down 18 per cent from the same period in 2021.
