MARINE PRODUCTS Business Summary

Marine Products Corporation (MPX) generates revenue through the design, manufacture, and wholesale distribution of recreational fiberglass powerboats under the Chaparral and Robalo brands. Its business model relies on a global network of independent dealers who purchase inventory for retail sale, focusing on the sterndrive and outboard pleasure boat segments and the outboard sport fishing market. As of February 2026, the company is executing a definitive merger agreement with MasterCraft Boat Holdings to form a combined entity with a diversified portfolio of five leading marine brands. MPX maintains a strong competitive position against industry peers such as Brunswick Corporation, Malibu Boats, and Stingray Boats, distinguishing itself through a lean manufacturing profile and a "fortress" balance sheet with zero debt. The executive leadership is led by President and CEO Ben M. Palmer, who brings over 25 years of experience within the company and its affiliate, RPC, Inc., where he also serves as CEO. He is supported by Vice President and CFO Michael L. Schmit, who joined in 2022 with a background in multi-national manufacturing finance at SWM International and Chart Industries. Strategic oversight is provided by Executive Chairman Richard A. Hubbell, a long-time Rollins-affiliated executive who has been with the company since its 2001 spin-off. The company is characterized by high insider ownership, primarily through the Rollins family’s LOR, Inc., and the board includes notable figures such as Gary W. Rollins and recently appointed director Gary Kolstad.