Brunswick Corp. sells Albemarle Boats

A new boat isn't at the top of most shopping lists right now, but local businessman Scott McLaughlin believes buying a boat builder now is a good investment.

McLaughlin, 36, closed on a deal to purchase Edenton-based Albemarle Boats on Dec. 31.

"The entire marine industry is a little bit troubled right now," admitted McLaughlin, who lives in Zebulon. "But I think it's a good time to acquire a boat manufacturer. The value of the Albemarle name and the dealer network ... even despite the economic times right now, it's still an attractive deal."

Both McLaughlin and the company's previous owner, Illinois-based Brunswick Corp., declined to disclose details of the deal. But McLaughlin did say Brunswick wanted an all-cash offer and that there were "definitely two commas in the equation."

At its factory in Edenton, Albemarle makes sport fishing boats, which range in size from 24 feet to 41 feet and in price from $80,000 to $800,000.

That facility, about 130 miles east of Raleigh, has 23 employees, McLaughlin said. There are no plans to lay off any of them.

McLaughlin, who owns several companies throughout the state, including the Cypress Cove Marina in Columbia, N.C., declined to offer sales figures for Albemarle but said the Edenton facility could make up to 100 boats a year if the demand were there.

For Brunswick, the deal might help trim costs. The company announced last year that it would cut production of its 2009 models and also cut jobs at its Edenton location.

Brunswick still makes Hatteras Yachts in New Bern, but it closed another plant near Wilmington last year.

In the third quarter, which was reported in October, Brunswick reported a net loss of $591.4 million and a 28 percent drop in marine sales.

"By selling Albemarle, we will pare redundancies ... and will further reduce our North American manufacturing footprint, a key strategy moving forward," said company spokesman Dan Kubera.