- Powerboat manufacturer to create nearly 800 new jobs in East Tennessee, invest $75 million through expansion
LENOIR CITY, Tenn. – Tennessee Gov. Bill Lee, Department of Economic and Community Development Commissioner Stuart C. McWhorter and Malibu Boats officials announced today the company will invest $75 million to expand manufacturing operations in East Tennessee.
Malibu Boats will create 770 new jobs in Roane County over the next five years as the company locates some of its Cobalt boat brand production in an existing facility at the Roane Regional Business and Technology Park.
The Lenoir City location will be the company’s second plant outside of its headquarters in Loudon, Tennessee, and will allow the company to expand production and manufacturing capabilities of Cobalt boats to better meet its growing global customer demand.
Malibu Boats, LLC is a subsidiary of Malibu Boats, Inc. and one of the largest employers in East Tennessee. The company designs, engineers, manufactures, markets, and sells recreational powerboats globally. Founded in 1982, the parent company employs roughly 3,000 people. Production and hiring for its new Cobalt boats facility are anticipated to begin in the first quarter of 2024.
Since 2019, TNECD has supported more than 50 economic development projects in the East Tennessee region, resulting in approximately 7,200 job commitments and $2 billion in capital investment.
“Tennessee’s skilled workforce is the ideal match for these 770 new jobs in Roane County. I thank Malibu Boats for its commitment to creating greater opportunity for families across East Tennessee and look forward to seeing the success of this expansion.” – Gov. Bill Lee
“Today’s announcement is proof that Tennessee has the right assets in place to support companies like Malibu Boats as they grow and expand. 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.” – TNECD Commissioner Stuart C. McWhorter
“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.” – Jack Springer, CEO, Malibu Boats, Inc.
“It is exciting to welcome Malibu Boats, an international brand with a strong regional presence, to Roane County. Malibu Boats creates the ultimate on-the-water lifestyle, which is a perfect match for Roane County with almost 700 miles of shoreline on Watts Bar Lake. We are proud to welcome Malibu Boats, the largest jobs announcement in Roane County history, to our community and realize this project would not be possible without the hard work from the Roane Alliance and Roane County Industrial Development Board.” – Roane County Executive Wade Creswell
“TVA and Lenoir City Utilities Board congratulate Malibu Boats on its decision to expand operations in Roane County. It’s always an exciting day when we can celebrate a company’s commitment to continued growth in the region. We are proud to partner with the Roane Alliance, Roane County, East Tennessee Economic Development Agency and the Tennessee Department of Economic and Community Development to help support companies, like Malibu Boats, that are creating job opportunities and investment in the region, and we celebrate this announcement together.”– John Bradley, TVA senior vice president of Economic Development
“High quality manufacturing jobs are the pathway to the middle class for many of our citizens. I am grateful to see Malibu Boats expand in our region and provide the kind of economic growth that can change lives in our state.” – Lt. Gov. Randy McNally (R-Oak Ridge)
“I am proud to welcome Malibu Boats to the Roane Regional Business and Technology Park. I am excited about the potential impact from the economic investment from this project in our region and look forward to the growth that will result from the hundreds of high-quality jobs that will be available to our citizens. With partners such as Malibu Boats, we will continue our dedication to increasing industry, providing quality education, ensuring economic growth, and adding to the quality of life that we already enjoy. Many thanks to Governor Lee and Commissioner McWhorter for their leadership in recruiting Malibu as well as the Roane Industrial Development Board.” – Sen. Ken Yager (R-Kingston)
“Roane County is honored to be the site of Malibu Boats’ latest endeavor, which will create 770 new jobs for this area. Roane and Loudon counties are optimally located for water sports along the Tennessee, Little Tennessee and Clinch River waterways. Our ready access to I-40 and I-75 places our district at a strategic supply chain advantage over most of the nation. We look forward to seeing Malibu leverage their award-winning innovation for years to come. We are thankful that our East Tennesseans will be manufacturing Malibu products.” – Rep. Monty Fritts (R-Kingston)
About Malibu Boats, Inc.
Based in Loudon, Tennessee, Malibu Boats, Inc. (NASDAQ: MBUU) is a leading designer, manufacturer, and marketer of a diverse portfolio of recreational powerboat brands. A preeminent innovator in the industry, the company’s products serve those whose passion for boating is a key component of their active lifestyles. For more information, visit www.malibuboatsinc.com.
About the Tennessee Department of Economic and Community Development
The Tennessee Department of Economic and Community Development’s mission is to develop strategies that help make Tennessee the No. 1 location in the Southeast for high quality jobs. To grow and strengthen Tennessee, the department seeks to attract new corporate investment to the state and works with Tennessee companies to facilitate expansion and economic growth. Find us on the web: tnecd.com. Follow us on Twitter, Instagram and LinkedIn. Like us on Facebook. Subscribe to our YouTubechannel.
Public Information Officer
Malibu Boats, Inc.
Corporate Communications Specialist
(865) 458-5478 ext. 6086