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Bombardier sells rec vehicle business
"Larry W4CSC" wrote in message ... Looks like SeaDoo is toast, doesn't it? Maybe they can get rid of those queer, crappy, Austrian 2-strokers with the rotating valve nonsense this way...... Considering that they sold it to the family that founded the company, and invented the first snowmobile, its unlikely that they are gonna change or dump the number one selling line of PWC's. As far as Rotex engines go, its highly unlikely to change. These engines are bulletproof, and have been used in ski-doo's for ever with great results. On 27 Aug 2003 11:17:51 -0700, (Curtis CCR) wrote: Bombardier sells recreational unit to investors MONTREAL (AFP) - Canadian conglomerate Bombardier announced it was selling its recreational products division to a group of investors including members of the group's founding family. The deal will raise 1.225 billion dollars (870 million US) for the company, which is now concentrating on aircraft and railroad equipment. The family of company founder Armand Bombardier, who launched the company and created the Ski-Doo snowmobile, will own 35 percent of the recreational products group, with 50 percent owned by US-based Bain Capital and Quebec's Caisse de depot the remaining 15 percent. http://story.news.yahoo.com/news?tmp...27/wl_canada_a fp/canada_bombardier_030827151718 Larry W4CSC Isn't it becoming more practical by the day to make Iraq's desert the new World Nuclear Waste Disposal Site? |
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Bombardier sells rec vehicle business
Looks like SeaDoo is toast, doesn't it?
Maybe they can get rid of those queer, crappy, Austrian 2-strokers with the rotating valve nonsense According to the three page PDF file I received on this issue, Sea Doo will continue. (If I knew how to copy and paste PDF I'd share it with the group) |
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Bombardier sells rec vehicle business
Looks like SeaDoo is toast, doesn't it?
Maybe they can get rid of those queer, crappy, Austrian 2-strokers with the rotating valve nonsense Gould 0738 wrote: According to the three page PDF file I received on this issue, Sea Doo will continue. (If I knew how to copy and paste PDF I'd share it with the group) Icon called "Text Select Tool" looks like large capital letter "T" with a dotted-line square. Or, press the "V" key on the keyboard. When the mouse pointer changes from a hand to an I-beam, you have the text cursor and can swipe, CTRL+C, or right-click and click 'copy.' Feel free to repost the text, as some who can read this cannot read the binaries. (hint, hint) -- frosty |
#5
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Bombardier sells rec vehicle business
Feel free to repost the text, as some who can read this cannot read the binaries. (hint, hint) -- frosty ============ Hint Taken: Date August 27, 2003 To Our Media Friends From Dave Thompson, Director Global Communications Subject Sale of Bombardier Recreational Products As you may have heard early this morning, Bombardier Inc. today announced that Bombardier Inc. has reached an agreement for the purchase of Bombardier Recreational Products by a corporation formed by the Bombardier family, Bain Capital and the Caisse de dépôt et placement du Québec for $1.225 billion Cdn. ($874.1 million US). The sale is expected to close completely in mid-fall. As you’ll read in the special edition of The Real Deal and the attached press releases, we believe this is the best possible outcome. Nobody knows how to design and build recreational products better than the Bombardier family, and the family is teamed with two firms who have shown their passion for recreational products and investing in this business – Bain Capital and the Caisse de dépôt et placement du Québec. We’re pleased that the bidding process is over and that the spotlight can be turned back onto what we do best: our outstanding Evinrude, Johnson and Sea-Doo sport boat product lineups. And as we’ve done since April 3, we’ll continue to keep you updated on the progress on a regular basis until the final terms and conditions of the sale are made public. The Real Deal will not be published at it’s normal time tomorrow because of today’s announcement, but you can expect next week’s edition on Thursday, Sept. 3 at the normal time of 3:00 p.m. CDT to give you the latest news. However, if there is any breaking news, we will deliver it to you immediately in a special edition. In the meantime I welcome your calls and questions regarding the sale. I can be reached at 262-884-5399 (or 262-880-1733 after 6 p.m.). r MEMO The Weekly Must-Read For Reliable Information on Bombardier Recreational Products Wednesday, August 27, 2003 To Friends of Bombardier Boats and Outboard Engines Total pages including this one – 6 From Roch Lambert Title Vice President and General Manager Please route to: (init) G.M. Service Sales Parts Bulletin Board August 27, 2003 Page 3 r Boats and Outboard Engines Division 10101 Science Drive Sturtevant, WI 53177 http://www.bombardier.com THE DEAL IS DONE!! August 27, 2003 Greetings again from New Orleans, Louisiana! IT’S THE BOMBARDIER FAMILY AND THEIR ASSOCIATES Yes, you read it right! Early this morning, Bombardier CEO Paul Tellier announced that a final bidder for Bombardier Recreational Products had been identified. I’m very pleased to announce that the winning offer comes from a group of investors including the Bombardier family, Bain Capital and the Caisse de dépôt et placement du Québec. Bain Capital is a respected investment banking firm based in Boston, and Caisse de dépôt et placement du Québec is a financial institution that manages funds for public and private pension and insurance plans. The offer is for US $874.1 million (Cdn $1.225 billion). It is anticipated that the transaction will be closed by mid-fall 2003. It’s been a long summer waiting for this announcement, and we appreciate your patience. The situation affected us here at Bombardier in that we were as anxious for a conclusion. As you read the attached press releases, I want you all to know that this is the best possible outcome of our sale. Nobody knows how to design and build recreational products better than the Bombardier family, a group of people who practically invented the category. And the family is teamed with Bain Capital and the Caisse de dépôt et placement du Québec—two firms who have shown their passion for recreational products and investing in this business. As we prepare to move forward from this announcement, you’ll see a company that will continue to gain momentum and build the highest quality motorized recreational products anywhere in the world. We’re healthy, we’re motivated, and we’re ready to become a more powerful force in the industry than ever before. The Real Deal will not be published at it’s normal time tomorrow because of today’s announcement. But you can expect next week’s issue on Thursday, Sept. 3 at its normal time of 3:00 p.m. CDT to give you the latest news. However, if there is any breaking news, we will deliver it to you immediately in a special edition. All the best, Roch Lambert Agreement for acquisition of Bombardier Recreational Products MONTRÉAL, Aug. 27 /CNW Telbec/ - A group of investors comprised of the Bombardier family, Bain Capital and the Caisse de dépôt et placement du Québec confirms that the $1.225-billion Cdn. offer of a corporation formed by them to purchase Bombardier Recreational Products has been accepted by Bombardier Inc. Bain Capital will hold 50% of the new corporation, the Bombardier family 35% and the Caisse de dépôt et placement du Québec 15%. Mr. Laurent Beaudoin, spokesperson for the Bombardier family, said that he was proud to have attracted such high-calibre investors to form the acquisition group. "We are very happy to have the opportunity to continue to be associated with this heritage asset that was at the foundation of the development of one of Canada's largest companies," said Mr. Beaudoin. "With the help of our 7,600 employees, we intend to reinforce our leadership in our current business sectors, as well as develop new market niches." Mr. Beaudoin stressed the high quality employee relations at all levels at Bombardier Recreational Products. "Bombardier Recreational Products is known for manufacturing innovative, exciting and quality products, and has an extensive catalog of strong brands that resonates extremely well with consumers," said Matt Levin, Managing Director at Bain Capital. "We look forward to building on Bombardier Recreational Products' successful 60-year history and to the company's long term strategic growth potential as an independent business." "Our analysis of the new company's potential was conclusive and consistent with that done by the private investors involved in the transaction. Moreover, the involvement of a major American private equity firm, Bain Capital, and that of the Bombardier family are important factors in the company's success," stated Henri-Paul Rousseau, Chairman and Chief Executive Officer of the Caisse de dépôt et placement du Québec. Mr. Rousseau also said that the investment was in line with the Caisse's role as a fund manager holding minority interests. August 27, 2003 Page 4 August 27, 2003 Page 5 Bombardier Recreational Products designs, develops, builds, distributes and markets Sea-Doo. watercraft and sport boats, Ski-Doo. and Lynx. snowmobiles, Johnson. and Evinrude. outboard engines, Evinrude direct injection and Evinrude E-TEC. technologies, Bombardier ™ ATVs, Rotax ™ engines and karts, as well as utility vehicles. Bain Capital, which has more than $23 billion Cdn. in assets under management, has strong experience in a variety of industries and with "carve- out" transactions in which non-core businesses or assets of corporations are purchased by private investors. With a 19-year investment history, the firm has made a number of investments in retail and consumer products companies, including Shoppers Drug Mart, Sealy, Domino's Pizza, and Staples. The Caisse de dépôt et placement du Québec is a financial institution that manages funds for public and private pension and insurance plans. The Caisse strives to obtain an optimal financial return for its depositors and clients. Through CDP Capital, the leading fund manager in Canada with almost $130 billion Cdn. of assets under management, it invests in the main liquid markets as well as in private equity and real estate. Completion of this transaction is subject to certain purchase price adjustments, execution of definitive acquisition and financing documentation and to the approval of all required governmental authorities and to other consents and other usual conditions. It is expected that the transaction will be closed by mid-fall 2003. The investor group was advised by Merrill Lynch, BMO Nesbitt Burns and CIBC World Markets. .., ™ Trademarks of Bombardier Inc. or its subsidiaries. -30- For further information: Bombardier family Luc Beauregard (514) 843-7171 Cell phone: (514) 942-5810 Caisse de dépôt et placement du Québec Louis Boivin (514) 847-2384 Bain Capital Joe LoBello (212) 780-1900 =================================== PRESS RELEASE BOMBARDIER ANNOUNCES SIGNATURE OF AGREEMENT FOR SALE OF RECREATIONAL PRODUCTS BUSINESS Montréal, Aug. 27, 2003 - Bombardier Inc. announced today that it has reached an agreement in principle for the sale of its recreational products business for an aggregate purchase price of $1.225 billion Cdn. This agreement was entered into by a corporation formed by Bain Capital, members of the Bombardier family and the Caisse de dépôt et placement du Québec. This transaction all but completes Bombardier’s action plan presented on April 3, 2003, a plan designed to restore the Corporation’s balance sheet and liquidity profile and focus on the aerospace and transportation businesses. “Earlier this year, we completed a successful equity issue and announced the divestures of our Defence Services unit, Belfast City Airport and Bombardier Capital’s business aircraft portfolio,” said Paul M. Tellier, President and Chief Executive Officer. “Once fully completed, this plan will have generated in excess of $2.5 billion Cdn, well over the initial target of $2 billion Cdn.” Bombardier’s Board approved the agreement following a recommendation by the independent committee chaired by L. Denis Desautels and created for the purpose of supervising the sale process for the recreational products business and reviewing the related party transaction. “As soon as our action plan was announced, members of the Bombardier family expressed an interest in participating in the process to ensure the stability and continuity of this heritage asset. As a party to the group of buyers, they are meeting this goal and we are pleased we have reached an agreement to sell the business as a full entity, at a fair price and in a timely and efficient manner that secures full value for all shareholders,” he continued. “We took appropriate steps to make certain that the rights of all shareholders were fully protected through a process that involved the highest standards of governance,” concluded Tellier. Bombardier 2 The Board received favourable fairness opinions from its own financial advisor, UBS, and from Morgan Stanley, financial advisor to the independent committee. Directors of Bombardier who are members of the Bombardier family abstained from participating in Board meetings in which the transaction was considered and did not vote on the transaction. Completion of this transaction is subject to certain purchase price adjustments, execution of definitive acquisition and financing documentation and to the approval of all required governmental authorities and to other consents and other usual conditions. It is expected that the transaction will be closed by mid-fall 2003. Bombardier Recreational Products designs, develops, builds, distributes and markets Sea-Doo. watercraft and sport boats, Ski-Doo. and Lynx. snowmobiles, Johnson. and Evinrude. outboard engines, Evinrude direct injection and Evinrude E-TEC™ technologies, Bombardier™ ATVs, Rotax™ engines and karts, as well as utility vehicles. Bombardier Inc., a diversified manufacturing and services company, is a worldleading manufacturer of business jets, regional aircraft, rail transportation equipment and motorized recreational products. It also provides financial services and asset management in business areas aligned with its core expertise. Headquartered in Montréal, Canada, the Corporation has a workforce of some 75,000 people and manufacturing facilities in 25 countries throughout the Americas, Europe and Asia- Pacific. Its revenues for the fiscal year ended Jan. 31, 2003 stood at $23.7 billion Cdn. Bombardier shares are traded on the Toronto, Brussels and Frankfurt stock exchanges (BBD, BOM and BBDd.F). ..,TM Trademarks of Bombardier Inc. or its subsidiaries. For information Dominique Dionne Vice President, Public Relations and Communication (514) 861-9481 www.bombardier.com |
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Bombardier sells rec vehicle business
On Thu, 28 Aug 2003 21:16:29 -0400, Wayne.B
wrote: August 27, 2003 Page 5 Bombardier Recreational Products designs, develops, builds, distributes and markets Sea-Doo. watercraft and sport boats, Ski-Doo. and Lynx. snowmobiles, Johnson. and Evinrude. outboard engines, Evinrude direct injection and Evinrude E-TEC. technologies, Bombardier ™ ATVs, Rotax ™ engines and karts, as well as utility vehicles. I wonder if this selling off recreation isn't related to trying to save Bombadier from the Ficht/Evinrude/Johnson/OMC disaster? News sure has been quiet, lately, on the old OMC engines...... Larry W4CSC Isn't it becoming more practical by the day to make Iraq's desert the new World Nuclear Waste Disposal Site? |
#7
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Bombardier sells rec vehicle business
"These engines are bulletproof,"
ROFLMAO -- Laszlo Almasi Carolina Watercraft Works, Inc. 2810-5D Yonkers Road Raleigh, NC 27604 "Larry W4CSC" wrote in message As far as Rotex engines go, its highly unlikely to change. These engines are bulletproof, and have been used in ski-doo's for ever with great results. |
#8
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Bombardier sells rec vehicle business
"Larry W4CSC" wrote in message ... Looks like SeaDoo is toast, doesn't it? Maybe they can get rid of those queer, crappy, Austrian 2-strokers with the rotating valve nonsense this way...... Why would you think that?? The original owners of the company are back . They built the first Seadoo in the late '60's. Why would they stop now?? As far as the engines, they have used Rotax engines since the beginning, again, why stop now?? Greg |
#9
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Bombardier sells rec vehicle business
I've got ten thumbs when it comes to using a computer. I only own one because
you can't buy a typewriter these days. :-) I mean, jeez. AOL even. I'll send the PDF file to you, (and anybody else that wants to see it), and if somebody with the required expertise wants to post it that would be great. |