Grand Banks Yachts
Native name | Grand Banks |
|---|---|
| Public | |
| Traded as | SGX: G50 |
| ISIN | 🆔 |
| Industry | Boat building |
| Founded 📆 | |
| Founder 👔 | Robert J. Newton |
Area served 🗺️ | Worldwide |
Key people | Mark Richards (sailor) (Executive Director)
Chiam Heng Huat (Chief Financial Officer) |
| Products 📟 | Motorboat |
| Revenue🤑 |  $83.5 million (2018) |
| $9.5 million (2018) | |
| Total assets | $94.9 million (2018) |
| Total equity | $55.7 million (2018) |
| Members | |
Number of employees | |
| Subsidiaries | Palm Beach Motor Yachts |
| 🌐 Website | https://grandbanks.com [1] |
| 📇 Address | |
| 📞 telephone | |
| Footnotes / references "GBY:SP". Bloomberg. | |
Grand Banks Yachts is a luxury yacht manufacturer based in Stuart, Florida. The company was founded by Robert J. Newton and his sons in 1956 as American Marine, a custom boat manufacturer that built sailboats and motor yachts.[1] However, the company's inception is often recognised as 1963, when they produced their first signature powerboat model, which came to be known as Grand Banks.[1]
Throughout the company's history, Grand Banks have been recognised for their construction of luxury motorboats that have stylistic features of a recreational trawler created from a combination of wood and fibreglass. The company operates on a global scale and caters to Australia, Asia, North America and Europe, with office locations in each continent.[2]
The manufacturing facilities have relocated since the brand's inception from Junk Bay, Hong Kong to facilities in Pasir Gudang in Malaysia and Singapore.[3] Manufacturing has hence ceased at the Singapore factory and all motor yachts are produced by the 747 employees at the Malaysian factory.[4]
History
In 1952 Robert J. Newton began building custom built yachts and powerboats in the parking lot of a bottling plant that he owned in To Kwa Wan.[1] The company was originally known as American Marine, Ltd and was a small business consisting solely of Robert J Newton and his sons. They catered to the requests of local marine architects and created prototype sail boats and motor yachts for 11 years.[1]
However, the company's inception is recognised as 1963; the date in which the business shifted from making custom built motor yachts to the production of a line of boats.[5] It was at this stage the Grand Banks business name was established.
Grand Bank's first prototype for their line of models was a 36-foot diesel-powered cruising boat named Spray.[5] It was a modern yacht with trawler style characteristics. The features which defined it as a “trawler style” were the symmetrical saloon shape, small workboat windows and a spacious saloon space. The model was drastically different to yachts being produced at the time.
1965 was the first model year for Grand Banks, in which they transitioned away from single models to creating a series of models. The company built a range of models including the Grand Banks 32, 36 and 46 feet shapes.
The first fiberglass hulled vessels were built in 1974 at a new factory in Singapore.[5] The switch from wood to fibreglass was performed with a great degree of secrecy and the public and dealers were not informed until the new manufacturing procedures had begun.[1] Due to the abrupt nature of the switch and the lack of understanding of fibreglass hulls by the public at the time, Grand Banks received much negativity.
In 1975 the company changed control due to financial pressure and was passed to an investment group owned by Bob Livingston.
In 1990 the company floated on the Singapore market as Grand Banks Holding LTD.[1]
In 1994 the company released the Grand Banks 46 Europa model.[6]
In 1995 the Grand Banks opened the new facility in Pasir Gudang, Malaysia.[3]
In 1997 the company released the Grand Banks 49 classic model.[6]
On April 11, 2014 Grand Banks acquired a 100 percent stake in Palm Beach Motor Yachts for $8 million AUD and manufactures the yachts in its Malaysia facility.[7]
Construction
Grand Banks yachts are constructed at the manufacturing facility in Malaysia. The facility works independently and is vertically integrated, with the entire manufacturing process being completed in each location. The manufacturing process is completed in 5 stages: moulding, carpentry, interior module construction, production floor and sea testing.[3]
Moulding
The two moulds required to build the infrastructure of a Grand Banks are the hull and deck modules. Each has a two-piece mould with thick support structures in which the fibreglass is poured. After a setting period the new structure is then sanded, smoothed and trimmed to remove faults and to give a smooth surface finish.[3] Upon finishing this process, the hull and deck modules are moved to the production floor.
Carpentry
The carpentry stage produces the teak objects, furniture and decking. It is broken down into carpenter stations, each with specialised roles.[3] The specialised stations produce a single item, including: tables, window frames, benches, decking and railings. Upon being constructed, the object is then sanded, sealed and varnished in a separate station.
Interior module construction
The interior of each yacht is built in a series of individual modules which together form the structure of the vessel.[3] This method increases the speed of production, as multiple units can be built at one time. Interior modules include: furniture, stairs, and supporting structures. Upon the completion of each module they are moved to the production floor to be assembled.
Production floor
Each individual component is brought to the production floor for assembly. This is the largest area in the facility and is where majority of the employees work.[3] Once the three above components are on the production floor the yachts are assembled. Firstly, the two mould modules are assembled and assessed for imperfections. Following that the machinery is placed and assembled, including the engine, inverter and tanks. Once the heavy machinery is in, the carpentry and interior modules are placed and fastened together. The final step is sanding and varnishing to ensure a smooth and consistent teak finish.[3]
Sea trials
Sea trials is the final stage before the yachts can be dispatched. All completed yachts must undergo sea trials to ensure they meet safety requirements and quality standards.[3] Each boat is tested for its safety and operating systems. Upon satisfying the tests and quality control the vessels are partly disassembled for shipping.
Current models
Grand Banks are currently manufacturing four yacht models. The four models they are offering are the: Eastbay 44, Grand Banks 60, Grand Banks 60 Sky Lounge and Grand Banks 54.
| Eastbay 44 | Grand Banks 60 | Grand Banks 60 Sky Lounge | Grand Banks 54 |
|---|---|---|---|
A modern “down-east style” yacht that is designed for comfortable and efficient cruising. The yacht features a deep cockpit design, three staterooms and two cabins.[8]
|
A multi-storied “recreational trawler” constructed of fully infused carbon fibre. The yacht has an open plan and an exposed fly bridge.[9]
|
The Grand Banks 60 also comes in the Sky Lounge model. This features an enclosed fly bridge which has additional living space and a helm.[9]
|
A long-range cruiser that is a part of the Grand Banks Family Series. Constructed similarly to the Grand Banks 60 with fully infused carbon fibre as well as modified epoxy resins.[10]
|
Facilities
Grand Banks Motor Yachts has numerous facilities across the globe. These include the manufacturing facility, their Grand Banks Yacht Basin and two offices.
Manufacturing facilities
Grand Banks yachts are currently constructed at the manufacturing facility in Malaysia by the 740 employees.[3]
Prior to manufacturing the yachts in Malaysia, Grand Banks had facilities in Hong Kong and in Singapore.
Grand Banks Yacht Basin
The Grand Banks Yacht Basin is the service centre for Grand Banks yachts. It is located in Stuart, Florida and serves as the North America headquarters and the location for Grand Banks specific renders and services. The location is 12,000 square feet and provides full service to Grand Banks, East Bay and Palm Beach owners.[11] The Grand Bank technicians work within the Grand Banks manufacturing compliance standards, ensuring the yachts do not materially differ from their manufactured state. The facility has Grand Banks specific inventory and provides services such as: top-coat painting, engine and generator services, yacht detailing and maintenance checks.
Office facilities
Grand Banks have two office facilities (outside of the Grand Banks yacht Basin). These Southern Hemisphere office space is located in Berkeley Vale, Australia. The Northern hemisphere office is located in the Shepperton Marina in Shepperton, England.[12] The facilities perform administrative work, research and development and service customer enquiries.
Mark Richards (Chief Executive Officer)
Mark Richards is a renowned Australian sailor and the current CEO of Grand Banks Motor Yachts. He became the executive director in 2014 when Grand Banks acquired his company Palm Beach Motor Yachts.[13] Upon fulfilling the role he has integrated all manufacturing of Palm beaches into the Grand Banks facilities.
He has gained international recognition in the sailing industry through his prolonged success in the Rolex Sydney to Hobart yacht race. As the skipper of Wild Oats XI he has received line honours 9 times in the past 15 years, establishing it as the most successful yacht in the races' history.[14] Prior to his success on Wild Oats XI, Mark Richards has won the Sydney to Gold Coast yacht race and the Admiral's Cup in 2003 as well as participating in two Americas cup challenges.
Subsidiaries
Palm Beach
Palm Beach Motor Yachts Co Pty Ltd is a prestige Australian boat builder founded in 1995 by Mark Richards.[15] The company was launched in Palm Beach, New South Wales, with the philosophy to “Provide the customer with a product that's as close to perfection as humanly possible”.[15] Palm Beach manufactures high end luxury motor yachts with premium features.
On April 11, 2014 Grand Banks acquired a 100 percent stake in Palm Beach Motor Yachts for $8 million AUD and Grand Banks share issue of $2 million AUD.[13] The motor yachts are manufactured in Grand Banks’ facilities in Malaysia.
Palm beach currently manufacture 7 customisable models, ranging from 42 to 65 feet in length.
References
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 Fischer, M (2012). "The legend of Grand Banks". Retrieved March 27, 2019.
- ↑ Richards, M (2019). "Grand Banks Yachts". Retrieved March 26, 2019.
- ↑ 3.00 3.01 3.02 3.03 3.04 3.05 3.06 3.07 3.08 3.09 Parlatore, B (2012). "The Making of a Grand Banks". The Making of a Grand Banks. Retrieved March 26, 2019.
- ↑ "Grand Banks Annual report". 2018. Retrieved May 28, 2019.
- ↑ 5.0 5.1 5.2 Lane, R (1998). "A brief history of Grand Banks and American Marine". Retrieved March 26, 2019.
- ↑ 6.0 6.1 Began, E (2017). "8 classic Grand banks yachts". Retrieved May 12, 2019.
- ↑ Lockwood, D (2014). "Palm beach sold to Grand Banks". Retrieved May 4, 2019.
- ↑ 8.0 8.1 Butler, J (2017). "EB44 Brochure". Retrieved May 1, 2019.
- ↑ 9.0 9.1 9.2 9.3 Butler, J (2018). "GB60 Brochure". Retrieved May 1, 2019.
- ↑ 10.0 10.1 Richards, M (2019). "GB54 Brochure". Retrieved May 2, 2019.
- ↑ Richards, M (2019). "Grand Banks yacht basin". Retrieved May 28, 2019.
- ↑ "Ownership Experience - Grand Banks Delivers High-Quality Service". Grand Banks. Retrieved May 28, 2019.
- ↑ 13.0 13.1 Lockwood, D (2014). "Palm Beach sold to Grand Banks". Retrieved May 4, 2019.
- ↑ Billingham, P (2018). "Historical Facts - Rolex Sydney Hobart Yacht Race". www.rolexsydneyhobart.com. Retrieved May 28, 2019.
- ↑ 15.0 15.1 Richards, M (2019). "Palm Beach Motor Yachts". Retrieved March 27, 2019.
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