Bob the Non Builder?
Our pal Aaron Kuriloff from Bloomberg sent us this article on the state of the business.
Mick Cookson, whose yachts have won world championships and the America’s Cup, says the global recession is putting his company in dry dock. Cookson Boats, builder of vessels including Larry Ellison’s Sayonara, Roy Disney’s 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, the 31-year-old company’s managing director, 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.” In a sport where it cost Ernesto Bertarelli’s Alinghi 100 million euros ($136 million at the time) to defend its America’s Cup title in 2007, boat builders and marine-parts suppliers from Maine to New Zealand say they can’t make money as buyers abandon the market and banks withhold credit. Read the rest.