Downturn hits high-end boatbuilders hard

The economic downturn has left some boatbuilders&mdashparticularly those who build high-end racing yachts&mdashhigh and dry.  Demand for boats&mdashjust like sponsorship dollars for races&mdashis evaporating.
From the International Herald Tribune:

Cookson Boats, builder of vessels including Larry Ellison’s boat Sayonara, Roy Disney’s yacht Pyewacket and seven of Team New Zealand’s America’s Cup boats, says it expects to lay off all 62 of its workers at its shop in Auckland when its current projects are finished.

‘‘We just can’t employ people to do nothing, said Cookson, managing director of the 31-year-old company, who plans to bring back employees when work returns. ‘‘There’s less people looking for boats. People are sitting on any money they’ve got to see what happens.

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By Ocean Navigator