Outboard Marine To Lay Off 1,000

Wednesday, December 06, 2000
Boat manufacturer Outboard Marine Corp. said on Tuesday it plans to reduce its worldwide workforce by about 1,000 employees, or about 14 percent of its staff, and retained an investment banking firm to evaluate strategic options.

The company said the moves to reduce costs and improve focus on key business segments are necessary to offset softness in the company's operating performance, which resulted primarily from material supplier problems in the engine division along with a recent slowdown in the recreational marine market.

The company also said it is currently exploring strategic alternatives and has retained the firm of Houlihan, Lokey, Howard & Zukin to help in that effort.

Outboard Marine also said additional actions might be necessary if the recreational marine market continues to weaken and the company's operating performance does not improve.

"While we have largely resolved the supply issues that hampered our engine operations earlier this year and are now filling our outboard engine order backlog, OMC's financial performance has continued to decline in the fourth quarter, typically its slowest period," a company official said in a statement. "Therefore, we must take aggressive steps to secure the company's short- and long-term financial viability."

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Solarworld Wants Duties on Chinese Solar Goods in U.S. Extended

German solar manufacturer SolarWorld will apply to the United States for an extension of duties on Chinese panel imports that are due to end this year, weekly Euro am Sonntag said.

Sea Urchin Haven Disturbed by Oil Spill

Stephanie Mutz makes a living plucking sea urchins from the Santa Barbara coast and selling the prickly treasure to upscale restaurants in Southern California.

5 Tunisian Migrants Die in Shipwreck

At least five Tunisian migrants died on Saturday when their boat sailing to Italy capsized off the Tunisian coast, officials said. "A migrant boat carrying

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Port Authority Salvage Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1508 sec (7 req/sec)