Update on the status of Triumph Boats - February 2010

[Randy Francis]

I read that Jacobs has purchased Triumph boats........have they reopened?
Is the Triumph factory producing any boats?

[NCangler]

We have been in contact with the remaining staff at Triumph Boats but don't have an official word from them yet on when production will begin again. To my understanding the last boat was manufactured last summer and dealer inventory is running low. I'll post something official as soon as we hear.

[rddocatt]

i ALSO HEARD FROM ON EOF THE DEALERS THAT TRIUMPH AND GENMAR HAD BEEN PURCHASED BY THE ORGINAL OWNER

[NCangler]

There have been several threads over the past year about the status of Triumph Boats in light of their parent company's (Genmar Holdings Inc.) Chapter 11 bankruptcy filing in 2009. I have been waiting for an official response from Triumph Boats before posting much on this myself. I was given the okay from Triumph Boats to relay this recent note from Irwin Jacobs to the Triumph Dealer network, after purchasing Triumph Boats from Platinum Equity as a result of the Chapter 11 process. I believe the letter below is very encouraging news and it looks very good that Triumph Boats will indeed begin production again in the near future and existing customers will be supported thru the Triumph Dealer network. I will post further news as I receive it.

Dear Friends,

I’m sure by now you’ve heard that I’ve purchased the Triumph Boat Co., along with several additional boat brands and assets from the recent Genmar bankruptcy estate. I apologize for not communicating with you sooner; however, as you can imagine, things have been extremely hectic trying to get everything organized since we closed the acquisition.

As things relate to Triumph, I want you to know that we’re presently going through our plans that include the possibility of consolidating and relocating the Triumph factory now located in Durham, North Carolina, into one of our other boat factories. Doug Andersen, George Blaisdell, and Dave Mueller are still with Triumph, and in fact, are doing the necessary research and potential planning if we ultimately decide to move Triumph.

We will be in a position to confirm to you our plans on Triumph sometime over the next 30 days. We’ve invested many millions of dollars in developing Triumph’s proprietary Roplene technology in the manufacturing of recreational boats. I believe we haven’t even scratched the surface in getting Triumph boats into the many potential available markets that exist for Triumph boats. You have my commitment that I will share our plans with you once we’ve completed them for the future of Triumph.

I want to take this opportunity to tell you how much I personally appreciate your support, loyalty, and business, particularly throughout the past year. I know how difficult it’s been for us, and I’m sure many, if not most, of our dealers have also experienced the most difficult time they’ve ever had in our industry this past 12 to 18 months.
I look forward to communicating with you soon. Take care.

Your friend,
Irwin L.

[boostjunkie1]

Great more jobs lost in NC......

[Push&Pull]

Wouldn't surprise me if they moved to Mexico.

[boostjunkie1]

Wouldn't surprise me if they moved to Mexico.

Ha... me neither .... That would be the last boat I bought from Triumph for sure....

[Putershark]

Many of the past Genmar production sites were in Minnesota where that last I heard, Irwin resides. I suspect that is where the factory would move if indeed it does. If they do move, it will take some time to bring the factory back online which they may not be able to afford doing at this time.

[NCangler]

Yeah, I hope they don't move the factory. But I am glad to hear that the company is going to revive.

Great more jobs lost in NC......

[BarryB]

It would seem like a waste of money (that is hard to come by at this time) to move a factory that is already set to produce boats.