Hatteras Yachts to add 350 jobs in New Bern
Posted July 20, 2010 3:16 p.m. EDT
New Bern, N.C. — The parent company of Hatteras Yachts plans to move the manufacturing of smaller boats to to eastern North Carolina, creating 350 jobs over the next five years, officials announced Tuesday.
Brunswick Corp. said it will invest $4.7 million to expand Hatteras' New Bern plant to accommodate the production of Cabo Yachts.
Cabo, which has been based in California, makes sports-fishing boats in the 32- to 52-foot range. Hatteras makes luxury sports-fishing convertibles and motor-yachts that range from 50 to 100 feet.
“Combining these two great brands under one roof in New Bern is the next step in how we are preparing for a magnificent future,” Hatteras President and Chief Executive James R. Meyer said in a statement. “For the past 18 months, we have been investing heavily in new products and modernizing our factory here, and now, with help from North Carolina, we will be able to fully leverage these investments by completing this move.”
Hatteras currently employs 279 full-time workers in New Bern. The average annual salary for the 350 new jobs will be $31,425, plus benefits, which officials said will be higher than Craven County's average wage of $29,848.
Brunswick qualifies for a grant of up to $60,850 from the state’s One North Carolina Fund for the expansion. The fund provides incentives to attract business projects deemed by the governor to be vital to the state's economy, but companies receive no money up front and must meet job creation and investment targets to receive payments.
The state Economic Investment Committee also voted Tuesday to award a Job Development Investment Grant to Brunswick. The JDIG makes the company eligible to receive up to 70 percent of the state personal income withholding taxes paid on the new jobs for each of the 12 years in which the company meets annual performance targets.
The JDIG would enable Brunswick to receive more than $3 million for the expansion.