Outboard Marine’s Assets Sold to 2 Firms

A federal bankruptcy judge approved the sale of Outboard Marine Corp.’s main assets to Bombardier Inc. and Genmar Holdings Inc., ensuring the survival of such well-known brands as Evinrude engines and Chris-Craft boats. Approval of the $95-million joint bid clears the way for the likely recall of some of the bankrupt engine and boat maker’s laid-off workers. Waukegan, Ill.-based Outboard Marine has laid off 7,000 of its worldwide staff of 7,700 since Dec. 4. Under the deal, Canada’s Bombardier, which makes business jets and other products, takes over Outboard Marine’s Evinrude and Johnson marine-engine brands. Minneapolis-based Genmar gets the Chris-Craft, Four Winns, Hydra-Sports, Javelin, Lowe, Princecraft, Seaswirl and Stratos boat lines. The deal will enable Genmar to leapfrog Lake Forest, Ill.-based Brunswick Corp. and become the nation’s No. 1 boat maker, with 19 brands and about 20% of the market.