23 layoffs and pay cuts at the National Marine Manufacturers Association
The National Marine Manufacturers Association (NMMA) sent a letter to its members on 8 April 2020 detailing its actions to deal with the health crisis linked to the coronavirus epidemic and its economic consequences for the yachting industry. The United States is now one of the main outbreaks of Covid19 on the planet according to the WHO and many companies are shut down, including factories of major yachting groups such as Brunswick or Bénéteau. Frank Hugelmeyer, president of the NMMA, announces in his missive a series of exceptional economic measures for the association:
- the dismissal of 23 NMMA employees, as permitted under US law
- a temporary 40% reduction in his salary, as well as a "significant" reduction in that of the rest of the management team
- a move to a 3-day week with reduced pay for "non-essential" employees.
Interruption of the export support programme
The NMMA has also decided to focus its actions on national lobbying and actions in support of the boating industry. A task force has been created to inform members about the situation and financing methods and to prepare a communication strategy to make the "voice of the industry" heard at the federal level.
Internationally, the NMMA is reducing its sail area and discontinuing its export support program. The management teams of the 18 boat shows organized by the NMMA now coordinate the American presence at international shows such as METSTRADE. It can be expected that the presence of US companies on the European market will be reduced in the coming years.