Can't speak to whatever they're calling a 40, but I have the 47. It's very solidly built, but it is cored above the waterline. Sails
beautifully, and very sea-kindly. As with any boat of that vintage you should check the usual problem areas. Does it have teak
decks? If you can access them, have a good look where the chainplates are attached. Get a good surveyor
that knows his/her stuff.
AFAIK the yard is still in business, though they've gone away from production work: Olympic Marine S.A
made a 40 footer - http://sailboatdata.com/viewrecord.asp?class_id=4760