BRUNSWICK ACQUIRESSTAKE IN NAVMAN NZ LIMITED, LEADER IN GPS PRODUCTS
LAKE FOREST,Ill., June 23, 2003 - Brunswick Corporation (NYSE: BC) announcedtoday that it has acquired 70 percent of the stock of Navman NZLimited, a New Zealand-based leader in global positioning systems(GPS)-based products and marine electronics, for totalconsideration of approximately US $33 million. The purchase priceincludes the payment of cash and the assumption of approximately US$1 million of net debt. Brunswick said it has an option to acquirethe remaining shares of Navman by the end of 2005. Navman willremain in Auckland, New Zealand, operating under the auspices ofBrunswick New Technologies (BNT), which was formed by Brunswick in2002 to focus on developing growth initiatives in software andmarine electronics applications. "Navmanbecomes an integral part of our growing presence in the marineelectronics market¨ explained George W. Buckley, BrunswickCorporation chairman and chief executive officer. "Navigationand related electronics are a key piece of the puzzle of how toenhance the piloting experience and living environments on a boat.Like Northstar Technologies, which we acquired in 2002, Navmancomplements our thrust into marine-based electronics andintegration. We believe marine electronics, integrated with boatand engine technologies, will ultimately make boating simpler andmore enjoyable for our customers. The longer-term opportunitiesprovided by this acquisition are huge."
"Navman has aparticularly fresh and innovative marine product line, with nearlyall of their products having been recently introduced" saidT.J. Chung, president of BNT. "We believe BNT will greatlybenefit from Navman's product portfolio. In addition, we intend toleverage Brunswick's global presence to help Navman enhance itsproduct line and current distribution. We believe Brunswick'smarine leadership creates tremendous synergies for Navman's marineelectronics business. Navman will benefit from Brunswick'sfinancial strengths to further grow its business, which willcontinue to be directed from its Auckland headquarters""Navman will continue to design, manufacture and introduce newGPS technology-based products from New Zealand," said PeterMaire, the founder of Navman who will continue as its president."It is a case of business as usual for Navman, except thatbusiness will be faster, bigger and better with Brunswick"
About Navman
Established in1986, Navman is among New Zealand's leading companies and aworld leader in the design, manufacture and marketing ofhigh-reliability GPS products for the marine, personal GPS, fleetmanagement and OEM markets. Headquartered in Auckland, Navman alsohas facilities in Christchurch as well as sales and distributionoffices in Australia, the United Kingdom and the United States.
About BNT
Brunswick NewTechnologies, Brunswick's newest operating unit, is comprisedof Northstar Technologies, marine navigational systems; MotoTronengine control and vehicle networking systems; WDI, developers ofbusiness integration and integrated content management software;IDS dealer management systems; and the Brunswick Marine InnovationCenter in Singapore.