Twin Vee PowerCats Co. (NASDAQ:VEEE) shares were unchanged Wednesday a manufacturer, distributor, and marketer of power sport boats, today announced a strategic consolidation of its operations by moving the manufacturing of Aquasport products from Tennessee to its Fort Pierce, Florida facility. According to the Company, the decision is driven by the desire to increase efficiency and implement cost-saving initiatives throughout its brands.
"We believe by bringing production for both the Twin Vee and Aquasport brands under one roof, we can not only reduce our overall costs, but also enhance the quality and speed of our boat production," explains CEO Joseph Visconti.
Twin Vee's Fort Pierce factory is currently in the process of expanding its floor space by approximately 30,000 square feet, increasing the total area of its boat-building facility to nearly 100,000 square feet of production space. The Company plans to add another manufacturing line to increase its production output once the expansion is completed. "The ability to construct more boats will allow us to build both Twin Vees and Aquasport boats simultaneously without workflow disruption and paves the way for both brands to continue their growth and scaling efforts," states Visconti.
Despite the change, the Company continues to lean heavily into developing new Aquasport products to broaden the brand's appeal. According to Visconti, Aquasport will soon introduce a 24-foot center console boat and a 28-foot center console boat to Aquasport's model lineup.
VEEE shares were static at $1.39.
