MPX: 8-K · acquisition merger
Marine Products Group, LLC (formerly Marine Products Corporation, MPX) announced the completion of its acquisition by MasterCraft Boat Holdings, Inc. (MCFT) on May 15, 2026. The transaction was executed through a series of mergers, resulting in Marine Products becoming a wholly owned subsidiary of MasterCraft. Shareholders of Marine Products received a merger consideration of 0.232 shares of MasterCraft common stock and $2.43 in cash for each share held. The cash portion was fixed, while the stock portion was based on the pre-announcement terms, with fractional shares settled in cash at MasterCraft's closing VWAP of $25.27. Following the closing, Marine Products' common stock ceased trading on the New York Stock Exchange. The company filed Form 25 to delist the shares and intends to file Form 15 to terminate its registration under the Securities Exchange Act, effectively ending its status as a public reporting company. Leadership changes were also implemented, with Bradley M. Nelson and W. Scott Kent assuming CEO and CFO roles, respectively.
MasterCraft Boat Holdings, Inc. Completes Acquisition of Marine Products Corporation, Creating a Diversified Portfolio of Leading Recreational Marine Brands
MasterCraft Boat Holdings has officially completed its acquisition of Marine Products Corporation, delisting MPX from the NYSE. Shareholders of Marine Products received $2.43 in cash and 0.232 shares of MasterCraft stock for each share held. The deal creates a combined entity with five leading brands—MasterCraft, Crest, Balise, Chaparral, and Robalo—offering complementary dealer networks and enhanced scale across recreational boating categories.
MPX: 8-K · proxy statement
On May 12, 2026, Marine Products Corporation held a special meeting of stockholders to consider proposals related to the Merger Agreement with MasterCraft Boat Holdings, Inc. The stockholders approved the Merger Agreement Proposal with 30,470,005 votes in favor, 331,629 against, and 15,834 abstentions. The Merger-Related Compensation Proposal was also approved, with 30,268,825 votes in favor, 500,445 against, and 48,194 abstentions. This proposal pertains to the compensation that may be paid to the named executive officers of Marine Products in connection with the merger. The Adjournment Proposal was approved with 30,306,178 votes in favor, 430,017 against, and 81,272 abstentions. However, adjournment was not necessary as the Merger Agreement Proposal was already approved. The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act expired on April 6, 2026, satisfying a condition precedent to the Mergers. The Mergers are expected to close on or about May 15, 2026, subject to the satisfaction or waiver of certain other closing conditions.
MPX: 10-Q · material agreement
Marine Products Corporation reported a net loss of $2.1 million for the first quarter of 2026, a significant decrease from the net income of $2.2 million in the same period of 2025. This decline was primarily due to $5.0 million in merger-related costs associated with the proposed transaction with MasterCraft. Consolidated net sales increased 12.8% to $66.5 million for the first quarter of 2026 compared to the same period in 2025. The increase was driven by a price/mix increase of 15%, slightly offset by a 1% decrease in the number of boats sold. The company's cash and cash equivalents as of March 31, 2026 were $45.8 million, up from $43.5 million at December 31, 2025. Despite the net loss, the company's cash position remains strong. Marine Products Corporation has a shelf registration statement on Form S-3 that expires on May 5, 2028, which permits it to offer up to $150 million in securities. However, the company's ability to issue securities is currently restricted by the Merger Agreement.
Marine Products Corporation Reports First Quarter 2026 Financial Results
Marine Products reported Q1 revenue of $66.5 million, up 13% year-over-year, though GAAP net income swung to a $2.1 million loss due to $5.0 million in merger-related costs. On an adjusted basis, net income was $1.8 million with free cash flow of $8.6 million; the board declared a $0.14 per share dividend payable May 14. The pending stock-and-cash merger with MasterCraft remains the primary focus, with shareholder votes scheduled for May 12 and the transaction expected to close in Q2 2026.
Marine Products Corporation Announces Regular Quarterly Cash Dividend
Marine Products Corporation declared a regular quarterly cash dividend of $0.14 per share. The dividend is payable on May 14, 2026 to common stockholders of record at the close of business on May 8, 2026. The company manufactures high-quality fiberglass boats under the Chaparral and Robalo brand names.
Marine Products Corporation Announces Date for First Quarter 2026 Financial Results
Are MASI, CECO, MPX Obtaining Fair Deals for their Shareholders?
