Four Winns has received a US$27.1m state tax credit spread out over the next eight years. The tax credit was announced yesterday by the Michigan Economic Grant Authority with the understanding that Platinum Equity, its parent company, would continue to invest in the Four Winns facility in Cadillac, Michigan. Four Winns, acquired by Platinum Equity from Genmar's bankruptcy auction, is now part of Project Boat Holdings.

The state agency told the Cadillac News that a US$63m investment by its parent company could potentially create up to 5,255 total jobs, including up to 2,320 directly tied to the manufacturer, between now and 2018. That assumes a return to peak manufacturing levels.

But Four Winns president Jeff Olson told the paper that the jobs forecast was "an absolute best-case scenario". Olson said that the builder is recalling previous workers, but is not hiring new workers. He said the boating industry continues to struggle, and is 50 per cent off normal production levels.

The paper noted that Platinum Equity plans in the next eight years to invest as much as $63m, or $7.9m per year, in the Four Winns and Wellcraft brands. Glastron, which Platinum Equity purchased with other Genmar brands, is scheduled to move its production facility from Little Falls, Minnesota, to Cadillac this summer.

Olson said that investments will be made in new equipment, R&D projects, computer software and reconfiguring space for manufacturing Glastron models. "We're not planning any new construction," Olson told the paper.

The Cadillac City Council is also expected to vote next week about transferring $4.3m in tax abatements from Four Winns' previous owner Genmar to Project Boat Holdings.