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aluminum pontoon boats sometime in the late 1950s. Godfrey
expanded, in part, by acquisitions of companies in the same
industry, during 1968 and 1974, and by expansion into the
manufacture of aluminum fishing boats.
During 1987, Godfrey entered into a joint venture with
Dynasty Boats, Inc., concerning the manufacture and sale of
fiberglass boats and other marketing arrangements with outboard
motor manufacturers. During 1993, Godfrey acquired Dynasty,
Boats, Inc., and an outboard motor company. At the time of the
acquisition, both companies were financially troubled. By 1994,
and during the valuation period under consideration, Godfrey was
the largest manufacturer of aluminum pontoon boats in the United
States. Its main plant was in Elkhart, Indiana, with other
manufacturing facilities located in Mississippi and Alabama.
During 1997, Godfrey employed approximately 750 people, and,
with the exception of its truck drivers, it was a nonunion
operation. Godfrey generally enjoyed good employee relations.
Godfrey had a well-trained and qualified workforce, and employee
reductions occurred only with respect to seasonal manufacturing
needs. During 1997, Godfrey had a good reputation and was known
for quality products, service, and moderate pricing.
Merchandising was accomplished through a network of approximately
500 loyal dealers. As of 1997, Godfrey marketed several
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Last modified: May 25, 2011