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 Today

The Maritime Industry's original and most viewed E-News Service

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

People & Company News

Euroseas Sells C/V Marinos

Euroseas Ltd.  an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes,

Bill on Danish Maritime Planning Submitted

The bill is to form the basis of a maritime planning act intended to promote economic growth and development of sea areas. The Danish Maritime Authority is to head the work.

Plans to Create Rio Doce Fund

Vale and BHP Billiton announced today plans to work together, with Samarco, to establish a voluntary, non-profit fund to support the rescue and recuperation of the Rio Doce river system,

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pod Propulsion Ship Electronics Shipbuilding / Vessel Construction 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: 0.0029 sec (341 req/sec)