Outboard Marine to Sell Cushman Unit
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WAUKEGAN, Ill. — Outboard Marine Corp. said it will sell its Cushman division to Ransomes American Corp., Johnson Creek, Wis., for $150 million in cash.
OMC, a marine products manufacturer, said it is considering using the proceeds to repurchase stock, make debt payments or finance small boat company acquisitions, said Wayne Jones, vice president of strategic planning.
Cushman, headquartered in Lincoln, Neb., manufactures small industrial vehicles to carry passengers and luggage through airports, sod-harvesting equipment and turf-care products for golf courses.
OMC’s Lawn Boy unit, headquartered in Plymouth, Wis., also is for sale.
Cushman has 900 employees and reported sales of $92 million last year.
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