(The Center Square) – Malibu Boats is set to receive $7.7 million from Tennessee toward a $75 million expansion in Lenoir City.
The company plans to move some of its Cobalt Boats brand to an existing facility at the Roane Regional Business and Technology Park.
Malibu Boats’ main facility is located in Lenoir City. Overall, the company employs 3,000 people.
The funds are a FastTrack grant from the Tennessee Department of Economic and Community Development.
FastTrack grants are state grants sent to companies to help offset the costs of expanding or moving into the state with the goal of increasing the number of full-time jobs and the average wages of jobs available in an area.
Malibu plans to begin hiring for the new facility in early 2024 and ultimately employ 770 new people in Roane County.
Roane County Executive Wade Creswell called it the largest jobs announcement in county history.
Malibu designs, engineers, manufactures, markets and sells recreational powerboats.