The local group of investors who bought the bankrupt company's assets at auction last week said they plan to hire 40 people by the end of November and resume building VIP boats.

They won't get back to the 400 workers the plant once held, but the new owners said they could have 200 people on the payroll by the end of 2010.

"It's been the biggest employer for the last generation in this community," Vivian Mayor Steve Taylor said.

The city of Vivian owns the buildings and the land at the plant.

The previous owners, Vivian Industries, declared bankruptcy in March.