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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
__________
(Amendment No. ____)
OUTBOARD MARINE CORPORATION
(Name of Issuer)
Common Stock, par value $0.15 per share 690020102
(Title of class of securities) (CUSIP number)
Gary K. Duberstein, Esq.
Greenway Partners, L.P.
277 Park Avenue, 27th Floor
New York, New York 10017 (212) 350-5100
(Name, address and telephone number of person authorized
to receive notices and communications)
August 12, 1996
(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [_].
Check the following box if a fee is being paid with the statement [x].
(A fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent of
the class of securities described in Item 1; and (2) has filed no amendment
subsequent thereto reporting beneficial ownership of five percent or less of
such class.) (See Rule 13d-7.)
Note: When filing this statement in paper format, six copies of this statement,
including exhibits, should be filed with the Commission. See Rule 13d-1(a) for
other parties to whom copies are to be sent.
(Continued on following page(s))
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<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 690020102 13D Page 2 of 19 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENWAY PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3714238
OF ABOVE PERSON
- ------------------ -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- ------------------ -------------------------------------------------------------
3 SEC USE ONLY
- ------------------ -------------------------------------------------------------
4 SOURCE OF FUNDS: WC, OO
- ------------------ -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ------------------ -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 549,800
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 549,800
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 549,800
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.7%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- ------------------ -------------------------------------------------------------
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 690020102 13D Page 3 of 19 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENTREE PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3752875
OF ABOVE PERSON
- ------------------ -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- ------------------ -------------------------------------------------------------
3 SEC USE ONLY
- ------------------ -------------------------------------------------------------
4 SOURCE OF FUNDS: WC, OO
- ------------------ -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ------------------ -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 200,000
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 200,000
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 200,000
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.0%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- ------------------ -------------------------------------------------------------
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 690020102 13D Page 4 of 19 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENHOUSE PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3793447
OF ABOVE PERSON
- ------------------ -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- ------------------ -------------------------------------------------------------
3 SEC USE ONLY
- ------------------ -------------------------------------------------------------
4 SOURCE OF FUNDS: WC, AF, OO
- ------------------ -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ------------------ -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 549,800
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 549,800
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 549,800
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.7%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- ------------------ -------------------------------------------------------------
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 690020102 13D Page 5 of 19 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENHUT, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3793450
OF ABOVE PERSON
- ------------------ -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- ------------------ -------------------------------------------------------------
3 SEC USE ONLY
- ------------------ -------------------------------------------------------------
4 SOURCE OF FUNDS: WC, AF, OO
- ------------------ -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ------------------ -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 200,000
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 200,000
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 200,000
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.0%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
- ------------------ -------------------------------------------------------------
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 690020102 13D Page 6 of 19 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENBELT CORP.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3791931
OF ABOVE PERSON
- ------------------ -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- ------------------ -------------------------------------------------------------
3 SEC USE ONLY
- ------------------ -------------------------------------------------------------
4 SOURCE OF FUNDS: OO
- ------------------ -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ------------------ -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 711,100
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 711,100
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 711,100
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 3.5%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
- ------------------ -------------------------------------------------------------
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 690020102 13D Page 7 of 19 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENSEA OFFSHORE, L.P.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
- ------------------ -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- ------------------ -------------------------------------------------------------
3 SEC USE ONLY
- ------------------ -------------------------------------------------------------
4 SOURCE OF FUNDS: WC, OO
- ------------------ -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ------------------ -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Cayman Islands
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 250,000
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 250,000
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 250,000
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.2%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- ------------------ -------------------------------------------------------------
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 690020102 13D Page 8 of 19 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENHUT OVERSEAS, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3868906
OF ABOVE PERSON
- ------------------ -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- ------------------ -------------------------------------------------------------
3 SEC USE ONLY
- ------------------ -------------------------------------------------------------
4 SOURCE OF FUNDS: WC, AF, OO
- ------------------ -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ------------------ -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 250,000
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 250,000
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 250,000
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.2%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
- ------------------ -------------------------------------------------------------
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 690020102 13D Page 9 of 19 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON ALFRED D. KINGSLEY
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
- ------------------ -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- ------------------ -------------------------------------------------------------
3 SEC USE ONLY
- ------------------ -------------------------------------------------------------
4 SOURCE OF FUNDS: PF, AF, OO
- ------------------ -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ------------------ -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 1,710,900
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,710,900
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 1,710,900
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 8.5%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- ------------------ -------------------------------------------------------------
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 690020102 13D Page 10 of 19 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON GARY K. DUBERSTEIN
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
- ------------------ -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- ------------------ -------------------------------------------------------------
3 SEC USE ONLY
- ------------------ -------------------------------------------------------------
4 SOURCE OF FUNDS: PF, AF, OO
- ------------------ -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ------------------ -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 1,710,900
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,710,900
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 1,710,900
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 8.5%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- ------------------ -------------------------------------------------------------
<PAGE>
ITEM 1. SECURITY AND ISSUER.
This Statement on Schedule 13D (the "Statement") relates to the common
stock, par value $0.15 per share (the "Shares"), of Outboard Marine Corporation,
a Delaware corporation (the "Company"). The principal executive offices of the
Company are located at 100 Sea Horse Drive, Waukegan, Illinois 60085.
ITEM 2. IDENTITY AND BACKGROUND.
This Statement is being filed by and on behalf of Greenway Partners,
L.P. ("Greenway"), Greentree Partners, L.P. ("Greentree"), Greenhouse Partners,
L.P. ("Greenhouse"), Greenhut, L.L.C. ("Greenhut"), Greenbelt Corp.
("Greenbelt"), Greensea Offshore, L.P. ("Greensea"), Greenhut Overseas, L.L.C.
("Greenhut Overseas"), Alfred D. Kingsley and Gary K. Duberstein (collectively,
the "Reporting Persons"). Each of Greenway, Greentree and Greenhouse is a
Delaware limited partnership. Each of Greenhut and Greenhut Overseas is a
Delaware limited liability company. Greenbelt is a Delaware corporation.
Greensea is an exempted limited partnership formed under the laws of the Cayman
Islands. The principal business of Greenway, Greentree and Greensea is investing
in securities. The principal business of Greenhouse is being the general partner
of Greenway. The principal business of Greenhut is being the general partner of
Greentree. The principal business of Greenhut Overseas is being the investment
general partner of Greensea. The principal business of Greenbelt is managing a
small number of accounts containing securities for which Greenbelt has voting
and dispositive power, and, consequently, is the beneficial owner. The present
principal occupation of each of Messrs. Kingsley and Duberstein is serving as
the general partners of Greenhouse and members of both Greenhut and Greenhut
Overseas. In addition, Mr. Kingsley is senior managing director, and Mr.
Duberstein is
Page 11
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managing director, of both Greenway and Greentree. Also, Mr. Kingsley is
president, and Mr. Duberstein is vice president, secretary and treasurer of
Greenbelt. During the last five years, none of the Reporting Persons has (i)
been convicted in a criminal proceeding or (ii) been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and as
a result of such proceeding was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or mandating activities
subject to, federal or state securities laws or finding any violation with
respect to such laws. The business address of each of the Reporting Persons
(other than Greensea) is 277 Park Avenue, 27th Floor, New York, New York 10017.
The business address of Greensea is P.O. Box 1561, Mary Street, Grand Cayman,
Cayman Islands, British West Indies.
Messrs. Kingsley and Duberstein are both citizens of the United States.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Greenway purchased an aggregate of 549,800 Shares for total
consideration (including brokerage commissions) of $9,450,858 derived from the
capital of Greenway and margin indebtedness from Bear Stearns & Co.
Inc. and Donaldson Lufkin & Jenrette.
Greentree purchased an aggregate of 200,000 Shares for total
consideration (including brokerage commissions) of $3,364,060 derived from the
capital of Greentree and margin indebtedness from Bear Stearns & Co.
Inc.
Greensea purchased an aggregate of 250,000 Shares for total
consideration (including brokerage commissions) of $4,348,800 derived from the
capital of Greensea and margin indebtedness from Bear Stearns & Co.
Inc.
Accounts managed by Greenbelt purchased an aggregate of 711,100 Shares
for total consideration (including brokerage commissions) of $12,412,246 derived
from capital in the
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<PAGE>
managed accounts and margin indebtedness from Bear, Stearns & Co. Inc.,
Fahnestock & Co. Inc. and Lehman Brothers.
ITEM 4. PURPOSE OF THE TRANSACTION.
The Reporting Persons have acquired the Shares of the Company because,
in their opinion, such Shares are undervalued by the market at the present time.
According to the Company's Quarterly Report on Form 10-Q for the quarterly
period ended June 30, 1996 (the "June 10Q"), there are certain "fundamental
issues that the company faces in improving financial performance: costs that are
too high and insufficiently variable; and an inability to maximize profit
margins throughout the business cycle. As a result, it must reengineer its
business to reduce costs and make them as variable as possible. The company has
begun that process, and it will involve every aspect of the company.
Simultaneously, the company is addressing the complexity of marine industry
market pricing and its impact on its margins. Going forward, all of the short-
and long-term business plans will be keyed on maximizing profitability
throughout the business cycle." In a press release dated July 31, 1996, the
Company announced it would begin shipping the first engines equipped with its
proprietary FICHT Fuel Injection technology and, Hank Bowman, the Company's
chairman, president and chief executive officer, stated: "The FICHT engines are
a key thrust in our strategy of building on our core competency in two-stroke
engine technology to create value for shareholders, both in and outside our
traditional marine market. We have high expectations for this new engine line."
The Reporting Persons intend to closely monitor developments at the
Company as it addresses these fundamental issues, reengineers its business, and
brings to market engines with FICHT Fuel Injection technology. The Reporting
Persons may discuss the Company from time to time with members of the management
of the Company and their advisers, and may
Page 13
<PAGE>
communicate with other shareholders and interested parties concerning the
Company. Depending on future developments, the plans of the Reporting Persons
may change.
The Reporting Persons may from time-to-time (i) acquire additional
Shares (subject to availability at prices deemed favorable) in the open market,
in privately negotiated transactions or otherwise, or (ii) dispose of Shares at
prices deemed favorable in the open market, in privately negotiated transactions
or otherwise.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) As of the date of this Statement, the Reporting Persons
beneficially owned in the aggregate 1,710,900 Shares constituting 8.5% of the
outstanding Shares (the percentage of Shares owned being based upon 20,151,694
Shares outstanding (not including 129,716 treasury shares) at July 31, 1996 as
set forth in the June 10Q). The Reporting Persons may be deemed to have direct
beneficial ownership of Shares as follows:
APPROXIMATE PERCENTAGE
NAME NUMBER OF SHARES OF OUTSTANDING SHARES
---- ---------------- ---------------------
Greenway 549,800 2.7%
Greentree 200,000 1.0%
Greenbelt 711,100 3.5%
Greensea 250,000 1.2%
Greenhouse, as the general partner of Greenway, may be deemed to own
beneficially (as that term is defined in Rule 13d-3 under the Securities
Exchange Act of 1934) Shares which Greenway may be deemed to possess direct
beneficial ownership. Each of Messrs. Kingsley and Duberstein, as general
partners of Greenhouse, may be deemed to beneficially own Shares which
Greenhouse may be deemed to beneficially own. Each of Messrs. Kingsley and
Duberstein disclaim beneficial ownership of such Shares for all other purposes.
Page 14
<PAGE>
Greenhut, as the general partner of Greentree, may be deemed to own
beneficially (as that term is defined in Rule 13d-3 under the Securities
Exchange Act of 1934) Shares which Greentree may be deemed to possess direct
beneficial ownership. Each of Messrs. Kingsley and Duberstein, as members of
Greenhut, may be deemed to beneficially own Shares which Greenhut may be deemed
to beneficially own. Each of Messrs. Kingsley and Duberstein disclaim beneficial
ownership of such Shares for all other purposes.
Greenhut Overseas, as the investment general partner of Greensea, may
be deemed to own beneficially (as that term is defined in Rule 13d-3 under the
Securities Exchange Act of 1934) Shares which Greensea may be deemed to possess
direct beneficial ownership. Each of Messrs. Kingsley and Duberstein, as members
of Greenhut Overseas, may be deemed to beneficially own Shares which Greenhut
Overseas may be deemed to beneficially own. Each of Messrs. Kingsley and
Duberstein disclaim beneficial ownership of such Shares for all other purposes.
Greenbelt has direct beneficial ownership of the Shares in the accounts
which it manages. Each of Messrs. Kingsley and Duberstein, as executive officers
and directors of Greenbelt, may be deemed to beneficially own Shares which
Greenbelt beneficially owns. Each of Messrs. Kingsley and Duberstein disclaim
beneficial ownership of such Shares for all other purposes.
(b) Greenway has the sole power to vote or direct the vote of 549,800
Shares and the sole power to dispose or direct the disposition of such Shares.
Greenhouse and Messrs. Kingsley and Duberstein may be deemed to share with
Greenway the power to vote or to direct the vote and to dispose or to direct the
disposition of such Shares.
Greentree has the sole power to vote or direct the vote of 200,000
Shares and the sole power to dispose or direct the disposition of such Shares.
Greenhut and Messrs. Kingsley and
Page 15
<PAGE>
Duberstein may be deemed to share with Greentree the power to vote or to direct
the vote and to dispose or to direct the disposition of such Shares.
Greensea has the sole power to vote or direct the vote of 250,000
Shares and the sole power to dispose or direct the disposition of such Shares.
Greenhut Overseas and Messrs. Kingsley and Duberstein may be deemed to share
with Greensea the power to vote or to direct the vote and to dispose or to
direct the disposition of such Shares.
Greenbelt has the sole power to vote or direct the vote of 711,100
Shares held in managed accounts and the sole power to dispose or direct the
disposition of such Shares. Messrs. Kingsley and Duberstein may be deemed to
share with Greenbelt the power to vote or to direct the vote and to dispose or
to direct the disposition of such Shares.
(c) Information concerning transactions in the Shares by the Reporting
Persons during the past sixty days is set forth in Exhibit 1 attached hereto.
(d) No other person is known to have the right to receive or the power
to direct the receipt of dividends from, or the proceeds from the sale of, the
Shares, except that dividends from, or proceeds from the sale of Shares in each
respective account managed by Greenbelt will be delivered into each such
respective account. No such individual account has an interest in more than five
percent of the class of outstanding Shares.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER.
To the best of the knowledge of the Reporting Persons, there are no
contracts, arrangements, understandings or relationships (legal or otherwise)
among the Reporting Persons or between the Reporting Persons and any other
person with respect to any securities of the Company, including but not limited
to transfer or voting of any of the securities, finder's fees, joint
Page 16
<PAGE>
ventures, loan or option arrangements, puts or calls, guarantees of profits,
division of profits or loss, or the giving or withholding of proxies, except as
follows: The respective partnership agreements of Greenway and Greentree each
contains provisions whereby its general partner (i.e., Greenhouse in the case of
Greenway and Greenhut in the case of Greentree) will receive annually a certain
percentage of realized and unrealized profits, if any, derived from the
partnership's investments. The agreements governing Greensea provide that
Greenhut Overseas, as investment general partner, will receive annually a
certain percentage of realized and unrealized profits, if any, derived from
Greensea's investments. Greenbelt also receives annually a certain percentage of
realized and unrealized profits, if any, resulting from the investments in each
of its managed accounts.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
The following Exhibits are filed herewith:
1. Information concerning transactions in the Shares effected by
the Reporting Persons in the last sixty days.
2. Joint Filing Agreement.
Page 17
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of their knowledge and belief,
the undersigned certify that the information contained in this Statement is
true, complete and correct.
Dated: August 21, 1996
GREENHOUSE PARTNERS, L.P. GREENWAY PARTNERS, L.P.
By: Greenhouse Partners, L.P., its
general partner
By:/s/ Gary K. Duberstein
Gary K. Duberstein, general By:/s/ Gary K. Duberstein
partner Gary K. Duberstein, general
partner
GREENHUT, L.L.C. GREENTREE PARTNERS, L.P.
By: Greenhut, L.L.C., its general
partner
By:/s/ Gary K. Duberstein
Gary K. Duberstein, Member By:/s/ Gary K. Duberstein
Gary K. Duberstein, Member
GREENHUT OVERSEAS, L.L.C. GREENSEA OFFSHORE, L.P.
By: Greenhut Overseas, L.L.C., its
investment general partner
By:/s/ Gary K. Duberstein
Gary K. Duberstein, Member By:/s/ Gary K. Duberstein
Gary K. Duberstein, Member
GREENBELT CORP.
By:/s/ Alfred D. Kingsly
Alfred D. Kingsley, President
/s/ Alfred D. Kingsley
Alfred D. Kingsley
/s/ Gary K. Duberstein
Gary K. Duberstein
Page 18
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
----------- -----------
1. Information concerning transactions in the Shares effected by
the Reporting Persons in the last sixty days.
2. Joint Filing Agreement.
Page 19
Exhibit 1
TRANSACTIONS IN SHARES OF THE COMPANY
DURING THE PAST 60 DAYS
The Reporting Persons engaged in the following transactions in Shares
of the Company during the past 60 days. All transactions involved purchases of
Shares on the New York Stock Exchange, unless marked (T) next to Number of
Shares to indicate a purchase in the Third Market.
<TABLE>
<CAPTION>
REPORTING PERSON
WITH DIRECT
BENEFICIAL PRICE PER SHARE
OWNERSHIP DATE OF TRANSACTION NUMBER OF SHARES (EXCLUDING COMMISSION)
- --------- ------------------- ---------------- ----------------------
<S> <C> <C> <C>
Greenway 6/25/96 50,000 (T) 18.75
Greenway 6/26/96 30,000 (T) 18.688
Greenway 6/28/96 12,500 18.203
Greenway 8/12/96 225,000 (T) 14.538
Greenway 8/12/96 7,300 14.5856
Greenbelt 6/28/96 12,500 18.203
Greenbelt 8/12/96 150,000 14.538
Greenbelt 8/13/96 20,000 14.7969
Greenbelt 8/14/96 20,000 14.875
Greenbelt 8/15/96 22,000 15.21
Greenbelt 8/16/96 22,500 15.147
Greenbelt 8/19/96 18,000 15.5625
Greenbelt 8/19/96 15,000 15.625
Greenbelt 8/20/96 22,200 (T) 15.625
Greenbelt 8/20/96 6,000 15.875
Greensea 8/12/96 100,000 (T) 14.538
Greentree 6/28/96 20,000 18.203
Greentree 8/12/96 100,000 (T) 14.538
</TABLE>
Exhibit 2
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange Act of
1934, as amended, the persons named below agree to the joint filing on behalf of
each of them of a statement on Schedule 13D (including amendments thereto) with
respect to the common stock, par value $0.15 per share, of Outboard Marine
Corporation, and further agree that this Joint Filing Agreement be included as
an Exhibit to such joint filing. In evidence thereof, the undersigned, hereby
execute this Agreement this 21st day of August, 1996.
GREENHOUSE PARTNERS, L.P. GREENWAY PARTNERS, L.P.
By: Greenhouse Partners, L.P., its
general partner
By:/s/ Gary K. Duberstein
Gary K. Duberstein, general By:/s/ Gary K. Duberstein
partner Gary K. Duberstein, general
partner
GREENHUT, L.L.C. GREENTREE PARTNERS, L.P.
By: Greenhut, L.L.C., its general
partner
By:/s/ Gary K. Duberstein
Gary K. Duberstein, Member By:/s/ Gary K. Duberstein
Gary K. Duberstein, Member
GREENHUT OVERSEAS, L.L.C. GREENSEA OFFSHORE, L.P.
By: Greenhut Overseas, L.L.C., its
investment general partner
By:/s/ Gary K. Duberstein
Gary K. Duberstein, Member By:/s/ Gary K. Duberstein
Gary K. Duberstein, Member
GREENBELT CORP.
By:/s/ Alfred D. Kingsly
Alfred D. Kingsley, President /s/ Alfred D. Kingsley
Alfred D. Kingsley
/s/ Gary K. Duberstein
Gary K. Duberstein
