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 Triton Boats Sold to Fishing Holdings, LLCLAKE FOREST, Ill., July 29, 2010 /PRNewswire via COMTEX/ -- Brunswick Corporation (NYSE: BC) today announced that it has sold Triton Boats to Fishing Holdings, LLC, an affiliate of Platinum Equity. Terms of the transaction were not disclosed. "This decision was part of our ongoing strategic review to further refine our product portfolio and best focus our resources on those brands and marine segments that we believe are core to our success going forward," said Brunswick Chairman and Chief Executive Officer Dustan E. McCoy. "As such, Brunswick will maintain its leadership position in the recreational and fishing boat markets, with a strong presence in the freshwater and sportfishing segments as well as leading brands in the runabout/cruiser and yachts segments." In connection with this transaction, production of Triton fiberglass boats will be relocated from Ashland City, Tenn., to Flippin, Ark. Lund fiberglass manufacturing will be moved to the Brunswick Boat Group's (BBG) Tellico fiberglass boat manufacturing facility in Vonore, Tenn., while Trophy fiberglass fishing boats will continue to be built in Ashland City through the remainder of the year as Brunswick evaluates strategic alternatives for the brand. Brunswick will retain rights to certain intellectual property and other rights to Triton aluminum boats, and will continue to sell those models under license as part of Brunswick's aluminum portfolio. These boats will continue to be built at BBG's Lebanon, Mo., aluminum manufacturing facility. BBG's Cypress Cay pontoon boats, which are manufactured in Ft. Wayne, Ind., and carried by many Triton dealers, are not affected by this transaction. Brunswick's Mercury Marine unit will continue supplying propulsion systems to Triton and Fishing Holdings' other brands. As a result of these actions, Brunswick said it estimates that the associated restructuring charges could total between $18 million to $20 million, pretax, of which $15 million was recorded in Brunswick's second quarter financial results. "These decisions, while strategic in nature, are never easy or without difficult consequences," McCoy concluded, "but they are nevertheless required by business realities, and are no reflection upon the dedication and expertise of the men and women at the Ashland City facility." |
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