Marine Products Corporation (NYSE: MPX), a leading manufacturer of fiberglass boats, today announced that it is commencing a tender offer to purchase for cash 3.2 million shares of its outstanding common stock at a purchase price of $9.00 per share, with the right to increase the tender offer to up to 3.5 million shares. The closing price of the Company's common stock on Tuesday, August 16, 2016, the last full trading day before the first announcement of our intention to make the tender offer, was $8.50 per share. The 3.2 million shares sought in the tender offer represent approximately 8.3% of the Company's shares currently outstanding. Our Board of Directors believes that the tender offer provides an efficient method of returning capital to our shareholders while providing long-term shareholder value.