Brunswick Completes Purchase of Navman NZ Limited
June 02 2004 - 10:23PM
PR Newswire (US)
Brunswick Completes Purchase of Navman NZ Limited LAKE FOREST,
Ill., June 2 /PRNewswire-FirstCall/ -- Brunswick Corporation
(NYSE:BC) announced today it has purchased the remaining 30 percent
of Navman NZ Limited stock that it did not already own for total
consideration of approximately US $33 million (NZ $52 million),
paid in equal amounts of cash and shares of Brunswick common stock.
Brunswick acquired 70 percent of the stock of Navman in June 2003.
"We are extremely pleased to have completed this transaction. It
has always been our intent to acquire the remaining stock of Navman
as we are fervent believers in the company's abilities and
potential," explained Brunswick Chairman and Chief Executive
Officer George W. Buckley. "This belief has been reinforced during
the past year as Navman's strong performance has given us an
indication of what Brunswick and Navman can do together." "Further,
as we believe the best is yet to come, we want to stay the course
with Navman," Buckley continued. "New Zealand will remain Navman's
home, with Peter Maire and all of Navman's experienced and
accomplished management team remaining in place. There also will be
no changes for Navman's workforce, which has grown by about 25
percent, or 130 jobs, worldwide in the past year. More than half of
that job growth has been in New Zealand, with the remainder in
markets where Navman is expanding its global presence." "The
Brunswick/Navman partnership has been very productive for both
companies," said T.J. Chung, president of Brunswick New
Technologies, a unit of Brunswick that is comprised of Navman and
several other companies. "Brunswick is further strengthened through
Navman -- its products, its people and its New Zealand maritime
heritage, while Navman has benefited from Brunswick's resources and
our commitment to our mutual success." "Navman is the core of
Brunswick New Technologies, and among the fastest growing units
within Brunswick," Chung continued. "Indeed, Navman is the backbone
for BNT and an integral player for Brunswick primarily in three
arenas -- enhancing our overall marine electronics capabilities,
augmenting our efforts at advancing integration of boat
electronics, and offering opportunities for growth in non-marine
applications such as the GPS, land navigation and fleet management
markets." "When we first joined forces with Brunswick, we said it
would be a case of business as usual for Navman, except that
business would be faster, bigger and better," said Peter Maire, who
founded Navman and will remain its president. "Navman will continue
to introduce new GPS technology-based products from New Zealand,
while aggressively expanding our presence around the world." Maire
will also increasingly assume a broader role in Brunswick New
Technologies, concentrating on both the strategic aspects of Navman
as well as participating in key strategy development and technology
opportunities for BNT. "This will allow all segments of Brunswick
New Technologies to benefit from Peter's vision, insights and
expertise," Chung explained. About Navman Established in 1986,
Navman is among New Zealand's leading companies and a world leader
in the design, manufacture and marketing of high-reliability GPS
products for the marine, personal GPS, fleet management and OEM
markets. Headquartered in Auckland, Navman also has facilities in
Christchurch and Wellington as well as sales and distribution
offices in Australia, the United Kingdom and the United States.
About BNT Brunswick New Technologies, a unit of Brunswick
Corporation, is comprised of Navman GPS-based products; Northstar
Technologies marine navigational systems; MotoTron engine control
and vehicle networking systems; IDS dealer management systems; and
WDI business integration engine Web solutions and services. About
Brunswick Headquartered in Lake Forest, Ill., Brunswick Corporation
endeavors to instill "Genuine Ingenuity"(TM) in all its leading
consumer brands, including Mercury and Mariner outboard engines;
Mercury MerCruiser sterndrives and inboard engines; MotorGuide
trolling motors; Teignbridge propellers; MotoTron electronic
controls; Northstar marine electronics; Navman GPS-based products;
IDS dealer management systems; Sea Ray, Bayliner, Maxum, Hatteras,
Meridian, Sealine, Bermuda, Ornvik, Savage and Uttern pleasure
boats; Baja high- performance boats; Arvor, Boston Whaler and
Trophy offshore fishing boats; Crestliner, Lowe, Lund and
Princecraft aluminum fishing, deck and pontoon boats; Attwood
marine parts and accessories; Land 'N' Sea marine parts and
accessories distributor; Life Fitness, Hammer Strength and ParaBody
fitness equipment; Brunswick bowling centers, equipment and
consumer products; Brunswick billiards tables; and Valley-Dynamo
pool, Air Hockey and foosball tables. For more information, visit
http://www.brunswick.com/ . DATASOURCE: Brunswick Corporation
CONTACT: Dan Kubera, Director - Public and Financial Relations of
Brunswick Corporation, +1-847-735-4617 Web site:
http://www.brunswick.com/
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