Malibu Boats officials recently announced the company will invest $75 million to expand its manufacturing operations in Lenoir City.
The company’s expansion project will mark its second plant located outside of its headquarters in Loudon. The new plant will be located at an existing facility in the Roane Regional Business and Technology Park.
.@malibuboats, a leading powerboat manufacturer, is making a big splash in Roane County. ⬇️
✅ $75 million investment
✅ 770 new job commitmentsIt was an honor to celebrate with the company and community in Lenoir City yesterday. 🎉 pic.twitter.com/s2NRevIHTe
— TNECD (@TNECD) October 3, 2023
Malibu Boats, which designs, engineers, manufactures, markets, and sells recreational powerboats globally, is one of the largest employers in east Tennessee, employing approximately 3,000 people.
“Today’s announcement is proof that Tennessee has the right assets in place to support companies like Malibu Boats as they grow and expand,” TNECD Commissioner Stuart McWhorter said in a statement. “We are fortunate that Malibu Boats will continue to call the Volunteer State home and believe this company’s $75 million investment will transform the East Tennessee region for years to come.”
According to the Tennessee Department of Economic and Community Development (TNECD), Malibu Boats’ project will allow the company to “expand production and manufacturing capabilities of Cobalt boats to better meet its growing global customer demand.”
Production and hiring for the company’s new Cobalt boats facility will begin in the first quarter of 2024. The company’s expansion project is expected to create 770 new jobs in Roane County over the next five years, TNECD notes
“At Malibu Boats, Inc., our mission is to create the ultimate on-the-water lifestyle. Our local craftsmen and craftswomen are the driving force behind our operations as they create top-of-the-line boats that enrich our customers’ lives and, in turn, enable our company to thrive. Our history of company vitality speaks for itself, where we’ve undertaken various investments in our manufacturing footprint like this one that have enabled revenue growth and employment opportunities year after year,” Malibu Boats, Inc. CEO Jack Springer said in a statement.
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Kaitlin Housler is a reporter at The Tennessee Star and The Star News Network. Follow Kaitlin on X / Twitter.
Photo “Malibu Boats Event” by TNECD.
Lenoir City will become a vast majority Mexican/Latino Town within a very short time,
I wonder how much of the $75 million will come from taxpayer dollars.