September 1 , 2003
Product Review - Wolverine Boots for Work & Outdoor
Great Lakes Sport Fishing Council Annual meeting Oct 17-18-19 at Stone Lab on Lake Erie's Gibraltar Island
What's going on in Lake Erie ? What about the decline in catches on Lake Ontario? Or the possible declining health of Lakes Michigan and Huron? Come to GLSFC's annual meeting – which is being partially sponsored by Ohio Sea Grant.
It's going to be held at Ohio State University's Stone Lab on Gibraltar Island in Lake Erie - just off Port Clinton. The dates are October 17-19: Friday evening - reception, Saturday -meeting with meals, speakers, and tours on Stone Lab's research vessel, and Sunday - meeting continued - w/breakfast
- to 12 noon.
For agenda, registration and fees for lodging and meals on the island click here
Because of limited space pre-registration & pre-payment will be necessary.
Issues to be addressed include Lake Erie resource levels, as well as the status of Lakes Ontario, Michigan and Huron. More details will be posted here next week and in the Great Lakes Basin Report
Contact: Great Lakes Sport Fishing Council Office for more info 630-941-1351, Fax 630-941-1196 E-mail GLSFC click here
New corporation and Bombardier family buy Evinrude, Johnson and Ski-Doo
Montreal, Aug. 27, 2003 - Bombardier Inc. announced 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. ($874.1 million US). This agreement was entered into by a corporation formed by Bain Capital, members of the Bombardier family and the Caisse de depot et placement du Quebec.
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.
"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.
Bain Capital will hold 50 % of the new corporation, the Bombardier family 35% and the Caisse de depot et placement du Quebec 15%.
The Board received favorable 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 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 depot et placement du Quebec. Mr. Rousseau also said that the investment was in line with the Caisse's role as a fund manager holding minority interests.
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 depot et placement du Quebec 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 COP 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.
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™ ATV s, Rotax™ engines and karts, as well as utility vehicles.
The Illinois Environmental Protection Agency (IEPA), and other federal, state and local governmental agencies, will seek input on a multi-year evaluation, called a Use Attainability Analysis, being conducted on the Chicago Area Waterway System (CAWS).
The evaluation will determine the suitable uses (i.e., commercial usage, swimming, fishing, water skiing, boating, etc.) for the CAWS in the future. The CAWS consists of Calumet and Chicago River basin water bodies as well as Lake Calumet and numerous general use tributaries.
IEPA will describe the evaluation process, explain why the evaluation is being conducted and detail the impact of the evaluation on the CAWS. What You Can Do: Be informed. Attend a public meeting to learn more about the CAWS and the evaluation being conducted on it.
For more information regarding the meetings, go to www.ChicagoAreaWaterways.org or call 847-294-4000.
Meeting Times & Locations:
Sept 08, 7 PM, North
Sept 09, 7 PM, South
Sept 11, 7 PM, South Side
Sept 16, 7 PM, Downtown
Rob Sulski, Bureau of Water IL EPA
9511 West Harrison Street
Des Plaines, Illinois 60018
Evanston City Council Chambers of the Civic Center
2100 Ridge Avenue, 2nd Flr
Evanston, IL 60201
September 8, 7:00 - 9:00 P.M.
Lake Katherine Nature Preserve
7402 Lake Katherine Drive
Palos Heights, IL 60463
September 9, 7:00 - 9:00 P.M.
Stefani's at Harborside International Golf Course 11001 South Doty Avenue East (Frontage Road) Chicago, IL 60628
September 11, 7:00 - 9:00 P.M.
Thompson Center - Assembly Hall Room on concourse Level. Entrance from LaSalle St. only.
100 W. Randolph
Chicago, IL 60601
September 16, 7:00 - 9:00 P.M.
USFWS Press Releases Sea Grant News
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