OMC gets $65M more from investor groups

Article Abstract:

Outboard Marine Corp (OMC) received a cash infusion when its major investors and two senior managers purchased $65 million of its stock. The cash will be used to finance capital and general corporate expenditures. OMC is restructuring its operations and is addressing problems caused by the older FICHT engines. The majority of the stock was acquired by investment associates of Soros Fund Management and LLC Greenway Partners.

Receipt of funds

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Calif. emissions draft stuns engine builders

Article Abstract:

The Californian Air Resources Board's proposed standards that will govern sterndrive/inboard emissions have stunned manufacturers of strendrive/inboard engines. In its proposal, the agency requires that starting in 2003, all new strendrive/inboard engines sold in California have combined nitrogen oxide andnon-methane hydrocarbon emission levels of no more than 7 grams per horsepower-hour. Such standard is deemed unconscionable and unrealistic by manufacturers since it is too low to begin with and is based on what is achievable with automobile-derived technologies.

Government regulation

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For engine dealers, the wait goes on

Article Abstract:

Federal regulators have given their approval to Bombardier's acquisition of bankrupt Outboard Marine's (OMC) engine assets. Bombardier executives would not disclose specific plans other than saying that they would give general support for the OMC brands. The Canadian manufacturer has also faxed OMC dealers that the company would honor warranties and would make parts available. Bombardier also has not announced any plans for OMC's manufacturing facilities.

Acquisitions & mergers, Outboard motors

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