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

People & Company News

5th Floating Accommodation for Lerwick

A further accommodation ship, Ocean Atlantic, is due at Lerwick on Monday 27 April 2015 and is on its way from Portland in Dorset. As with the other floating accommodation at the port,

Double Order for Super Gloria Reachstacker

Kalmar, part of Cargotec, has gained an order for two Super Gloria reachstackers from Tadarsa Logistics S.L. in Aviles, Spain. The largest reachstackers ever built,

BIMCO Welcomes EU Decision on Migrants

BIMCO has stated today that it appreciates the new efforts by EU leaders to reduce increasing reliance on merchant shipping to rescue the growing numbers of

 
 
Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Sonar Winch
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: 0.1397 sec (7 req/sec)