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Transatlantic trade conditions for the boating industry
The US trade policy sparked from its major trading partners, namely the European Union and Canada, the adoption of rebalancing measures on a number of products manufactured in the United States, including recreational craft.
Groupe Beneteau’s Boat Division has a portfolio of 10 boat brands including 4 American brands – Four Winns, Glastron, Wellcraft and Scarab – that are built in Cadillac, Michigan (USA).
The US trade policy sparked from its major trading partners, namely the European Union and Canada, the adoption of rebalancing measures on a number of products manufactured in the United States, including recreational craft.
The European and Canadian tariffs are 25% and 10% respectively. They have come into effect on June 22nd for products exported to the EU and will be effective July 1st for products exported to Canada.
The rapid adoption of US measures followed by retaliation measures fueled strong reactions from the EU and US industry associations as well as some heated statements on the potential consequences.
The Group is carefully evaluating the impact of these measures that should have a limited effect on the current fiscal year. All the more so, over the last three years, as the Group implemented a strategy for these brands to gain market share in their core market, i.e. the United States. In addition to new product development, dealer development in underserved markets has been intensified. Over the last 3 quarters, all 4 American brands thus gained market share in the US.
The next announcement is scheduled for July 10, 2018, when revenues for the first nine months of FY 2017-18 will be reported.
2018-06-28 BENETEAU : Conditions des echanges commerciaux transatlantiques
June 28, 2018
2018-06-28 BENETEAU : Transatlantic trade conditions
June 28, 2018
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About Groupe Beneteau
Founded in Vendée 139 years ago by Benjamin Bénéteau, Groupe Beneteau today has international industrial capabilities, with 22 production sites, and a global sales network. In 2022, Groupe Beneteau recorded €1.5bn of revenues, employing around 8,000 people, primarily in France, the United States, Poland, Italy and Portugal.
A global market leader, Groupe Beneteau, thanks to its Boat division’s nine brands, offers more than 150 recreational boat models serving its customers’ diverse navigational needs and uses, from sailing to motorboating, monohulls and catamarans.
Through its Boating Solutions division, the Group is also present in the daily or weekly rental services, marina, digital and financing sectors.
Its Housing division is a major European player for leisure homes, lodges and pods, with its 3 brands (IRM, O'HARA, COCO SWEET) offering a wide range of products. It has 900 employees across six production sites in France and one in Italy, and generated €257.2m of revenues in 2022.
Boat brands: BENETEAU, JEANNEAU, LAGOON, PRESTIGE, DELPHIA, EXCESS, FOUR WINNS, WELLCRAFT, SCARAB and GLASTRON.