A former company ranked as the fastest-growing of the top 35 boat manufacturing companies in the U.S. is closing its doors and moving out-of-state, according to company officials.

Godfrey Marine, manufacturer of Polar brand fiberglass fishing boats and parent company of Dynasty Boats, announced its Vinemont facility will close after 23 years of operation in Cullman County. Godfrey Marine issued a press release Wednesday, stating the closure was effective Saturday.

According to CEO Bob Moran, manufacturing operations will be moved to an existing facility in Benton, Ill.

“This manufacturing action was taken in the midst of a very competitive marine environment,” Moran said in a prepared statement. “We appreciate the loyal and dedicated service of our employees at the Vinemont facility.”

Tom Carney, a spokesman for Godfrey Marine, said the Vinemont location employs fewer than 40 people. He said company officials decided to close the Vinemont facility as a way to keep production “all under one roof” in Benton.

Dynasty Boats employed about 190 workers in 2003, when the company announced plans to acquire the 400,000 square foot vacant Americold building in Cullman which had been vacant since 2002, when the compressor plant closed after more than 40 years of operation.

The Americold closure left about 475 workers unemployed.

Two months after company officials formally announced plans to move into the Americold building, they abandoned those plans because of delays resulting from additional environmental testing on the site.

In 2003, Dynasty operated with a payroll of $3.5-4 million annually and produced 11 boats per day. At that time, company Vice President Roger Yarborough said company officials had considered moving the production to another state.

Godfrey Marine is headquartered in Elkhart, Ind., and operates manufacturing facilities in Syracuse, Ind. and the facility in Benton.