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

People & Company News

Syncrude Uncertain about Plant Fire Affecting Production

The operator of Canada's largest synthetic crude project said on Saturday it is investigating the causes of an early morning fire at an upgrading plant. Firefighters extinguished the blaze,

Hurricane Ignacio Gains Strength but Expected to Bypass Hawaii

Hurricane Ignacio intensified as it blew across the Pacific on a route likely to bypass Hawaii on Saturday, said the Central Pacific Hurricane Center of the National Weather Service.

United Heavy Lift Gears up for the Asian Boom

All set to expand its footprint in the South Asian market significantly, Hamburg based, United Heavy Lift (UHL) appointed strategically placed Lexicon Overseas Pvt Ltd.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Simulators 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: 0.7702 sec (1 req/sec)