June 25, 2008
Richmond, Maine - Hodgdon Interiors (a division of Hodgdon Yachts Inc.) cut the ribbon on its new production facility in Richmond today at 12:00 PM. Governor John Baldacci, Commissioner John Richardson, Timothy S. Hodgdon and Richmond's Town Manager Tom Fortier spoke at the facility about what it means to the State of Maine, Town of Richmond, and future of Hodgdon Yachts Inc.

Hodgdon Yachts Inc.'s increase of manufacturing capacity into this Pine Tree Zone is made possible by the support of the Town of Richmond and the State of Maine's Department of Economic and Community Development. Hodgdon Yachts Inc. received a loan for the expansion from the Town of Richmond's TIF Business Loan Fund and received a CDBG grant from the state's Department of Economic and Community Development. "The town and state have been wonderful partners in making this expansion possible," commented Timothy Hodgdon, president of Hodgdon Yachts. "This is the type of cooperation that leads to well paying jobs being created in our community," said Tom Fortier, Richmond Town Manager. Hodgdon Yachts is currently leasing the building from David Smaha. "Hodgdon Yachts is a great tenant, I am extremely pleased with the entire situation," Mr. Smaha stated.

Currently, Hodgdon Interiors is delivering the furniture, moldings, casings, and passage doors for a 114' motor yacht under construction in Florida. Contracts with other manufacturers in 2008 will allow Hodgdon Interiors to add 35 new employees to their growing workforce within the next two years.

Hodgdon Interiors will continue to build and install the interiors on all of the world-class Hodgdon yachts built in East Boothbay, Maine while also supplying interior components and complete interiors to other yacht builders in the U.S. and internationally.

The move of the joinery division from the Boothbay peninsula to the centrally located Richmond facility benefits the expanding operation in many ways. The proximity to the interstate highway facilitates shipping finished product out of state. The expansive building allows the manufacturing operation to function efficiently on one floor. The location is central to a large labor pool of talented designers, craftsmen and laborers. An early example of this skilled workforce was demonstrated by area contractors. "Working with the local businesses to create the new facility has been a pleasure. Horne Construction, Hixon Electrical and Nason Mechanical have all really stepped forward to get the plant online in very short order," noted general manager of Hodgdon Interiors, Hank Hinckley.

"The growth potential for our joinery division is tremendous," commented Mr. Hodgdon. "We continue to turn down contracts due to lack of capacity and will keep this new facility busy for the foreseeable future." The building in East Boothbay that currently houses Hodgdon Yachts' interior department will be converted to boat building activities, leading to the potential for new jobs in East Boothbay. "The expansion into Richmond is very exciting for Hodgdon Yachts and allows us to strengthen our boatbuilding capacity in East Boothbay which has been our home for five generations and will continue to be our headquarters," commented Mr. Hodgdon.

Hodgdon Yachts will host an open house on Thursday July 10, 2008 from 4:00-6:30 PM to celebrate this exciting step in the company's growth and diversification. Residents of the Town of Richmond are invited to come and tour the facility during the open house. "We want to become an integral part of the Richmond community" comments Peter Horne, Director of Operations for Hodgdon Interiors. "I was born and raised in Richmond and we want the town to know that we appreciate their support". In addition, HR personnel will be on site taking job applications.

This expansion is but one element of Hodgdon Yachts' commitment to creating quality jobs and the highest quality yacht interiors here in the State of Maine.