Fountain Powerboats in Beaufort County to Create 250 Jobs

Manufacturer of high-performance motorboats, will add 250 jobs and invest $12 million during the next five years in its Beaufort County boatyard along the Pamlico River.

July 23, 2008

BEAUFORT COUNTY NC NEWS -- Fountain Powerboat Industries, designer and manufacturer of high-performance motorboats, will add 250 jobs and invest $12 million during the next five years to expand its Beaufort County boatyard along the Pamlico River. The expansion is to accommodate the production of a new line of sport boats that will being production at the 65-acre boatyard in 2009. Earlier this year, Brunswick Corporation, the world's largest pleasure boat manufacturer, sold the assets of its high performance Baja Marine sports boats to Fountain Powerboats. This sale enables Fountain to expand its product line to include the new 19- to 40-foot Baja sport boats.

Fountain Powerboats currently employs 333 people who design and manufacture sport and fishing powerboats as well as express cruisers, and has its executive offices and manufacturing facilities located at the Beaufort County boatyard. Wages for the 250 jobs that will be created by this expansion will vary by job position, but the overall average will be $35,800, not including benefits, which is more than the Beaufort County average of $28,132.

The Fountain Powerboats expansion was made possible in part by a Job Development Investment Grant. The state's Economic Investment Committee voted unanimously Monday to award a JDIG grant to the company to facilitate this project. Therefore, making this the 79th JDIG award announced since Easley and the General Assembly started the program in 2002, and the ninth awarded this year.

North Carolina Governor Easley said, "For more than 200 years, many North Carolinians have made careers in building boats. This industry continues to thrive in our state because of our trained workforce, top-ranked business climate and superior quality of life. Whether we are attracting traditional industries or high-tech newcomers, North Carolina is committed to providing the best environment for employers, workers and their families."

CEO and company founder, Reggie Fountain said, "Relocating a major production process from one state to another is a very expensive proposition. North Carolina's JDIG played strongly in our decision to relocate Baja boats to our existing North Carolina factory. In the past, we have made the world's fastest boats to the highest standards of quality using the best employees any manufacturer could hope for. Today's announcement means we're going to make even more boats, employing more of these great people."

Under terms of the nine-year agreement, the NC Department of Commerce estimates the project will generate a cumulative gross product value of about $245.35 million and produce a positive, cumulative net state revenue impact of $329,000.

For each year in which the company meets the required performance targets, the state will provide a grant equal to 60 percent of the state personal income withholding taxes derived from the creation of new jobs. Should the company create the jobs called for under the agreement and sustain them for 11 years, the agreement could yield as much as $2.5 million in maximum benefits for Fountain Powerboats.

Partners who assisted with this economic project in Beaufort County include:

• NC Department of Commerce
• NC Community College System
• Beaufort County local government
• Beaufort County Committee of 100

For more information about Fountain Powerboats, including job opportunities at Beaufort County, North Carolina boatyard, visit www.fountainpowerboats.com.

Published by:
Rob Cross
mailto:editor@357news.com

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