A powerboat company will set sail for East Tennessee to expand its manufacturing operations with a $75 million investment.
Malibu Boats expects to bring more than 750 jobs to Roane County over five years when it moves production of its Cobalt boat brand to an existing site at the Roane Regional Business Technology Park.
“At Malibu Boats, Inc., our mission is to create the ultimate on-the-water lifestyle,” said Malibu Boats, Inc. CEO Jack Springer. “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.”
The announcement is proof that the state has “the right assets in place” for companies as they grow, according to Tennessee Department of Economic and Community Development Commissioner Stuart McWhorter.
“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,” McWhorter said.
Located in Lenoir City, the expansion will be the second Malibu Boats plant outside of its Loudon, Tennessee, headquarters, according to the TNECD.
Roane County Executive Wade Creswell said the company is a “perfect match” for the county, which has nearly 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,” Creswell said.
Production and hiring for the new plant are expected to begin in 2024.