The Limestone Boat Company, owner and builder of Limestone Boats, is laying off around 27 employees and temporary suspending operations at its St. Stephen, New Brunswick, manufacturing facility.
However, the Company says it remains committed to continuing its long-term operations in St. Stephen.
The announcement comes just days after the company gave an update stating the resumption of manufacturing operations at the St. Stephen facility was progressing well with plant management expecting to see the first MY2025 production boats roll out the door to dealers this summer.
The company had previously also re-confirmed that the upgrades to existing tooling for its L200CC and L200R models, including improved quality and production efficiencies, and the new L290DC and L200R EV tooling, were progressing well and aligned with its production plans.
“We remain optimistic.”
Scott Hanson CEO
The latest announcement states that the cost saving measures are difficult and strategic decisions to preserve the company’s sustainability in the interests of its stakeholders.
The Company says it is actively pursuing liquidity options to strengthen its working capital, including from its royalty financing partner and is planning to resume production later this year, subject to receiving financing.
“We appreciate the significant contributions of our employees and hard work they have brought to Limestone and understand the impact that this difficult decision has on them, as well as our vendor partners here in the region,” said Scott Hanson CEO.
“We remain optimistic that decisions taken by management today will lead to a successful resumption of operations as soon as possible and opportunity for staff to return to our St. Stephen, NB manufacturing facility.”
