Because of Bessie's poor health, the Evinrudes sold their company in 1913, and Ole agreed to not re-enter the outboard motor business for five years. His inventive mind kept busy, however, and during his "retirement", he devised a much-improved, two-cylinder outboard engine. In 1921 he and Bessie formed the ELTO Outboard Motor Company (ELTO standing for Evinrude's Light Twin Outboard). This new outboard engine was also very successful, and in 1929 the ELTO company merged with the original Evinrude company (since renamed the Outboard Marine Corporation) and the Lockwood Motor Company, with Evinrude the president of this new company.