Seawind - Back to Business

[Factor]

What follows is a company press release

Seawind Group Holdings Pty Ltd, the holding company of Seawind Catamarans and Corsair Marine was released out of Voluntary Administration on 9th October by the Administrators, BRI Ferrier. As a result, the company is pleased to be back to business and fully operational.

Thanks to the support from Seawind’s long established suppliers & creditors, the Administrators brokered an agreement to allow the company to move forward without any external administration and get back to building the award winning range of cruising catamarans that the company are renowned for around the world. This course of action was recommended by BRI Ferrier after a formal assessment of Seawind’s financial position.

Seawind’s Managing Director, Richard Ward, comments, “This year has been the most challenging in the 30 years I have been in business, however I have been humbled by the support of our suppliers and would like to offer my thanks to give Seawind this opportunity to move forward and focus on the next 30 years of building great multihulls.”

The net result of the administration process will see a restructure of the manufacturing operations with the closure of the Australian production facility located in Wollongong. This is a sad outcome for Seawind after 30 years of continuous Australian production but the Directors of the company feel that there was little other option. Regrettably, high manufacturing costs and the continuing strong Australian dollar have meant the Australian built catamarans have become uncompetitive against the many imported models.

Following the completion of the last three Seawind 1250’s on order, one of which has just been launched and delivered to a delighted new owner, future production of the Seawind 1250 will likely move to the Seawind / Corsair Marine facility in Vietnam, where the Seawind 1000XL2 and Seawind 1160 are already being built alongside the range of high performance Corsair trimarans and the magnificent Corsair 50ft catamaran. Corsair Marine, originally based in California, USA, has been established for over 25 years, with the last 6 years of production in Vietnam.

Since moving production to the Corsair Marine factory, several boats have already been shipped to Australia and launched including Seawind 1000XL2’s and Seawind 1160’s, with many more on order scheduled to soon ship to Australia, the USA and Dubai.

Seawind Catamarans will continue to offer after sales service and warranty support for future and existing Seawind owners in Australia and around the world, either directly from Seawind itself or through the Multihull Central company whose headquarters are in the purpose built multihull marina of Rozelle Bay, Sydney Harbour.

This year Seawind celebrates 30 years of manufacturing catamarans and this restructure has now positioned the company to be more competitive in a global market and expand into export markets not before accessible due to the high Australian dollar and high costs of manufacturing in Australia. The company remains 100% Australian owned.

[surfingminniwinni]

Good news!

[Gordon]

Congratulations to Richard and all his loyal staff and supportive Seawind owners, and a big thank you to the suppliers and creditors. It would have been such a shame to have seen such a successful catamaran builder dissapear.

Well done and good luck with future sales.

[Sabbatical II]

Great News indeed!

With the A$ and Aussie wages, it's living in fantasy land to think that manufacturing businesses can operate as they did in the boom times. The companies that survive and eventually thrive are the ones that bite the bullet and restructure to suit the new "normal" and then get on with business. Not to change means extinction. Here's my tip: By being quick to recognise new opportunities (Vietnam) and quick to restructure at home, Seawind may well turn an apparent negative into a major success story. Other small manufacturers should take note.

[Blue Stocking]

To hear of any problem-beset, boat-building operation surviving scrutiny, and coming back strong, is great news in these days.
Congrats to those that deserve them.

[Peterbee]

Well done Richard, great to hear the news, still wholly Australian owned?, building in Vietnam and the USA !!!!!
Keep the good work up and bye bye unions, red tape, government regulations, massive supplier mark ups and tax on tax!
Should be enough to get competitive again Mate

[donradcliffe]

Are they fully fitted out in Vietnam, or do they ship them to Oz and install the electronics, rigging, etc. there??

[Peterbee]

No idea, I would "assume" that is was all done in Vietnam unless the vessel is destined for Australia, seems like a lot of expense to send the cat to Aus for fitting out, Australia has to be one of the most expensive places on the planet for business and living! Plus wages are absolutley phenominal, but then you need it to survive... watch this space.... if China stalls much more Aus is in big trouble...and try to buy any local cat here, it is almost double the price of any cat offshore...why - mmmm maybe they are all gold plated west system?????

[dirkdig]

Good news, it's a tough call but obvious one to survive.

Australia's costs of business will be the end of manufacturing here, thank you Julia and the labour government.
Sorry to sound so political but its the reality.
Well done seawind

[surfingminniwinni]

Originally Posted by dirkdig

Good news, it's a tough call but obvious one to survive.

Australia's costs of business will be the end of manufacturing here, thank you Julia and the labour government.
Sorry to sound so political but its the reality.
Well done seawind

Manufacturing in Australia has been shrinking since the 80's, you can't be serious blaming this government, I'm sorry to be political as well. But facts is facts!

[waikikin]

Originally Posted by surfingminniwinni

Manufacturing in Australia has been shrinking since the 80's, you can't be serious blaming this government, I'm sorry to be political as well. But facts is facts!

................ my train was late, thanks Barry (O'Farrell)...........

The outcome of the Seawind voluntary administration seems fairly predictable(although I have no idea of the liabilities involved) given the moving of tooling & production of vessels offshore already undertaken & that sales at least at the last Sydney boat show were represented as being good.
Let's hope that the remaining workers(or at least the best of them that might be interested) can be absorbed into service/ commissioning of Australian based vessels & that the brand strength/construction of Seawind doesn't suffer from the move.
All the best from Jeff.