Based in Waukegan, Ill., OMC started back in 1909 when Ole Evinrude depression invented the gasoline powered outboard motor on his farm in Christian, Norway. two old age after inventing it, he launched a national advert campaign and the concept of an internal combustion engine, which led to the stock of the recreational marine industry. The company kept refining and many a(prenominal) innovations were industry firsts, including the first V-4 outboard motor in 1958, and the first V-8 in 1985. In the late 1990s, it introduced Ficht Ram Injection on certain outboard motors which offered 35 percent better fire economy, lower hydrocarbon exhaust emissions and up to 50 percent drop-off in oil consumption. But, this revolutionary Ram Injection engine room (Ficht) eventually led to the ultimate downfall and collapse of the company.
The solve of the business research, initially demanded by the shareholders, was to pinpoint the disappointing run performance of OMC and its unsuccessful efforts to secure additional financing to draw the company beyond its financial burden. Just as OMC had constrain a household word among the ranks of fishermen and recreational boaters, the company seemed to be quickly sinking without a lifeline. Just several years prior to bankruptcy, OMC had acquired several large boat manufacturing companies, 12 in total, which included Chris Craft, Four Winns, Hydra-Sports, Seaswirl, Stratos, Javelin and Lowe.
This multiple acquisition gave the shareholders a off- depict sense of security in thinking the company was development and profitable.
The problems under investigation were focused on how OMC got into financial irritate in buying withal many other companies too fast, which overextended their credit. There were also problems with many of their gas outboard motors, in particular the Ficht Ram Injection outboard and the financial burden in providing expensive warranty claim work to its loyal consumers.
One of the key parties...
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