Genmar targets next week for sale

MINNEAPOLIS — In a letter to dealers this week, Genmar President and CEO Roger Cloutier provided an update on the sale of the company’s assets, saying Genmar was targeting the middle of next week for a transaction.

“We have been working with a potential investor on an exclusive basis with a goal by all parties involved to consummate a mutually acceptable transaction very soon,” he said. “While our intentions for completing this work were initially planned for this week, we now are necessarily targeting the middle of next week and sooner if possible.”

Cloutier said the delay was not caused by any unusual issues or concerns, but rather a great deal of work to be done.

“I am personally involved with these efforts, am very supportive of more time being needed by all parties and confident that conclusions can be achieved fairly soon,” Cloutier said.

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