Tennessee businessman Henry Luken, who previously owned 50% of Christensen Shipyard’s shares, has been approved as buyer of the company’s entire assets. The purchase includes $5.5 million in tangle and intangible assets, machinery and computer software for trademarks and contracts for the construction of several hulls.
The Vancouver, WA,-based company had formerly been controlled by a board of directors that consisted of Luken, David Christensen, the company’s founder and Joe Foggia, Christensen’s former president. Luke has indicated that he intends to continue operating the shipyard, but will make changes, with plans to increase the workforce over time from the current 90 employees to nearly 150.
The purchase now clears the way for the completion of hulls 36, 38 and 40. Luken has indicated he will operate two shipyards, the Christensen operation in Washington State and another one on Vonore, TN. He stated that the Washington State location will produce yachts smaller that the 164-ft. vessels it is currently producing and is optimistic about the shipyard’s potential for making money.
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