Genmar Holdings and Bombardier are successful on OMC bid.
The chief operating officer of US-based Genmar Holdings Inc. confirmed this
afternoon that his company and Bombardier, in a joint effort, are the apparent
successful bidders to buy the assets of Outboard Motor Corp. (OMC). The joint
bid totals US$95 million, he said.
Sources at OMC also confirmed this morning that the company received and approved the joint Bombardier/Genmar for the purchase of its boat and engine business.
Irwin Jacobs, Genmar CEO, said his company will take all of the OMC boating operations and assets, while Bombardier will take the engine facilities and assets. Genmar, however, will take control of an OMC engine-testing facility in Florida, according to the contractual arrangement between the two, Jacobs said.
"I don't know of anything standing in the way" of the deal getting approved by federal bankruptcy court, Jacobs said, "nor do we expect anything."