Brunswick Completes Purchase Of Navman NZ Limited
Brunswick Completes Purchase Of Navman Nz Limited
Auckland, New Zealand: 3 June 2004 ¡V
Brunswick Corporation announced today it has purchased the remaining 30 percent of Navman NZ Ltd stock that it did not already own, for total consideration of approximately $NZ52.4 million, paid in equal amounts of cash and shares of Brunswick common stock.
¡§Navman will remain in New Zealand, with Peter Maire and all of Navman¡¦s experienced and accomplished management team remaining in place,¡¨ explained Brunswick Chairman and Chief Executive Officer George W. Buckley.
¡§Further as we believe the best is yet to come, we want to stay the course with Navman,¡¨ Buckley continued. ¡§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.¡¨
¡§We are extremely pleased to have completed this transaction. It has always been our intent to acquire the remaining Navman stock as we are fervent believers in the company¡¦s abilities and potential,¡¨ Buckley said. ¡§This belief has been reinforced during the past year as Navman¡¦s strong performance has given us an indication of what Navman and Brunswick can do together.¡¨ (more)
¡§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 ¡V 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 will continue to play an integral role 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, personal, auto 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 continue as 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 assume a broader role in Brunswick New Technologies, concentrating on both the strategic aspects of Navman as well as participating in 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.
Headquartered in Lake Forest, Ill., Brunswick Corporation endeavors to instill ¡§Genuine Ingenuity¡¨„§ 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 www.brunswick.com.