|OMC sale snagged on details|
|According to a
report from Boating Industry Online: 3/2/2001
The companies seeking to buy Outboard Marine Corp. (OMC) facilities and assets are still waiting today for the final details to be worked out before the sale is official.
Officials at Genmar Holdings Inc. are still waiting for the final details to be ironed out before the closing is done. For about a week, they've been saying the closing was imminent.
On Thursday, George Sullivan, Genmar vice president, said things were "progressing slower than what we had hoped," but added he was hopeful the matter might be concluded today. He could not be reached at press time.
Sullivan would also not comment on what was holding up the process and lawyers for the company could also not be reached.
Meanwhile, the sale of the OMC engine businesses — which comprise the Evinrude and Johnson engine lines — is also not closed. Canada-based Bombardier Corp. is purchasing those assets for about $US50 million. Bombardier said it would not comment until the sale is final.