K&O manufactured plastic and diecast miniature models from outboard motors.
It seems that K&O and Fleetline (same company) were the leader in the field of TOY outboards, as they were the only manufacturer to get permission to use the real outboard names on the motors. The motors were to real outboards what promos were to real cars.
Prices ranged from $4.95 in 1953 to about $6.95 in 1962. They were pretty expensive toys for the times. In 1953, only a Johnson was made. In 1954 they also made an Evinrude. From 1955 to 1958 almost every real outboard was copied, with changes each year, just like the real ones.
The early motors are the most common, with the 1960 to 1962 models being rare, as the company made fewer models and fewer total, the space toys of the period were blamed for the declining popularity and sales. The company changed hands, and was renamed Craftmaster. The motors they made were all plastic, and not nearly as nice as the diecast K&O ones.
All the boats sold with the motors were not nearly as detailed as the motors, and not exactly to scale, so most collectors are not interested in the boats.
Source: Text taken from the now defunct website V-Z Marine.