Big job cuts as Kiwi superyacht builder hits troubled waters

New Zealand Herald. By Holly Ryan:

The superyacht manufacturer Alloy Yachts has announced it is cutting up to 130 jobs after lower demand and a high exchange rate put pressure on the business.

The Henderson-based company is one of four remaining superyacht builders in New Zealand after the closure of Fitzroy Yachts in January.

Alloy Yachts managing director Tony Hambrook said the company had been struggling recently but would “absolutely” be able to come back, adding that it was not a question of if the market would pick up, but when.

“We're certainly not closing up at all but it is true that we will have a significant number of redundancies on Monday,” Mr Hambrook said. “Worldwide, sales of superyachts are dramatically less than they were five years ago, way less than half, and coupled with the high New Zealand dollar it's a struggle.”

In March the company reduced staff numbers from 330 to 225, with the latest round of cuts said to be as high as 130, according to staff.

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