BAGLEY, Minn. - Thursday October 21, 2004 - TEAM Industries, Inc., has signed a letter of intent with BRP US Inc. - a wholly owned subsidiary of Bombardier Recreational Products, Inc. - to acquire BRP's outboard engine plant in Andrews, N.C., and intends to begin producing outboard motor components for BRP, TEAM said yesterday in a release.
The 132,000-square-foot North Carolina plant currently manufactures components for Evinrude and Johnson outboard motors and employs approximately 115 people.
"This is an opportunity that fits with many of our corporate objectives," said David Ricke, president and CEO of TEAM. "TEAM has wanted to enter the outboard marine market for some time. Andrews offers diversification, added capacity and expanded capabilities for TEAM Industries."
Negotiations should be finalized before the end of this calendar year, and once the acquisition is completed, the facility will become, "TEAM Industries-Andrews," and will continue to produce outboard motor components for BRP, TEAM said.
TEAM Industries is an engineering and manufacturing company located in Bagley, Minn. that has been providing drive-train solutions and custom manufacturing since 1967. Current TEAM markets include light utility, agricultural, automotive, lawn/turf care, all-terrain vehicles and snowmobiles. The company also has an aftermarket division that develops and markets performance-enhancing products for the recreational motor sports industry.
This will be TEAM's first venture into the marine industry and the company's first endeavor outside of Minnesota.
