Marine finance industry experiencing 'a reunion'

Article Abstract:

First New England Financial's acquisition of National Horizon Inc for an undisclosed amount in Apr 2000 is considered a "reunion" of the marine finance industry. The industry crumbled in the early 1990s because of the recession and the imposition of the luxury tax. At that time, the major players in the industry were First New England, Horizon Credit-Corp and Yegen Marine. Only First New England survived the fallout. National Horizon is led by executives by the now defunct Horizon Credit-Corp and Yegen Marine.

All Other Nondepository Credit Intermediation, Finance Leasing, National Horizon Inc.

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CIT acquisition of Newcourt still in works

Article Abstract:

The CIT Group Inc and Newcourt Credit Group Inc are involved in a reassessment process prior to CIT's acquisition of Newcourt. The reassessment results from Newcourt's lower earnings for the 1st qtr 1999 which is 24 cents a share compared to the projected earnings of 35 cents a share. The discussion is expected to decrease CIT's previous offer of $4 billion for Newcourt since the earnings projections for 1999 are no longer valid.

Sales Financing, Installment Sales Companies, Newcourt Credit Group Inc.

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Genmar expands aluminum operations

Article Abstract:

Horizon Marine LLC, a one-year-old boatbuilder based in Junction City, KS, has been acquired by Minneapolis, MN-based Genmar Holdings Inc, the largest independent boat manufacturer in the US. The deal, terms of which were not disclosed, is expected to be completed around the end of 1999. Horizon's 105,000-sq-ft plant in Junction City will now manufacture aluminum boats for Genmar.

Boat Building, Boat Building & Repair, Horizon Marine LLC

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