Skip to main content

Diesel outboard manufacturer receives $15.7 million credit facility

Cimco Marine AB said it received a credit facility of up to $15.7 million (14 million euros) for research and development of its OXE family of diesel outboards. The loan comes through the European Investment Bank’s Fund for Strategic Investments.

Stockholm-based Cimco said in a statement that the credit facility will finance up to 50 percent of the development of OXE diesel outboards, which are based on 6-cylinder twin-turbo BMW engines. The outboards will range from 200 to 300 hp.

The facility is divided into three tranches of 4 million euros, 4 million euros and 6 million euros. The tranches are conditional upon Cimco meeting specific sales targets.

“The loan will support us in meeting our growth ambitions through investment in working capital needs, expanding production capacity and increasing our sales and marketing initiatives,” said Myron Mahendra, CEO of Cimco, in the statement. “Additionally, the company will use the funds to develop its product range whilst improving its efficiency, thereby lowering emission further, as well as reducing other pollutants.”

“The EU is determined to deliver on its commitments to reduce greenhouse gas emissions, and we are working with member states on their plans to become carbon-neutral by 2050,” said Arias Cañete, an EU commissioner for climate action and energy, in the statement. “Cimco's outboard engine project drastically reduces emissions while enabling the coast guard and rescue police who use the heavy-duty engines to continue carrying out their work at sea.”

Related

VOLVO-EARNINGS

Volvo Penta Reports Q4, FY22 Results

Net sales of $470 million for the quarter were a 33% increase compared to the prior year period.

Pulse-Report

DEALERS: Are You Improving the Service Experience?

Our monthly Pulse Report survey asks this and other questions about your dealership. Take the survey here.

NMRA-SCHOLARSHIP

NMRA Sets Scholarship Deadline

Students pursuing education in the marine trades can apply for the National Marine Representatives Association awards until April 1.

MARINE-PRODUCTS

Marine Products Reports Record Q4

The builder of Chaparral and Robalo boats reported net sales were up 42% for the quarter and 28% for fiscal year 2022.

1_SHURHOLD

Shurhold Appoints COO

Forrest Ferrari has years of management, business development, IT and quality-assurance experience.

MOBILE-CATCH-CENTER

RBFF, Pure Fishing Partner for a First Catch Center

Pure Fishing will equip a mobile trailer with tackle and gear to bring fishing experiences to areas of South Carolina where participation is low.

Norm

An Oft-Overlooked Sales Opportunity

A recent report from the Recreational Boating & Fishing Foundation showed that women comprise 37% of all anglers. If you haven’t tapped this segment, you’re missing out.

1. 2023 new boat retail outlook

Too Many High-Priced Boats

To wrap up 2022, marine retailers reported lower demand, expressed more negative sentiment and voiced concerns about rising inventory. Boat prices and the economy remained top of mind for dealers in December.

Soundings Nov 2022

New-Boat Registrations Continue to Slide

As the gaudy sales figures from the pandemic continue to return to more realistic numbers, the main segments of the recreational boating industry saw new-model registrations of 4,421 in November, a 30.3% drop from 6,340 during the same time in 2021. .