Brunswick purchases final 30 percent of Navman

LAKE FOREST, Ill. – Brunswick Corp. has purchased the remaining 30 percent of GPS manufacturer Navman NZ Ltd. stock that it did not already own for total consideration of approximately $33 million, paid in equal amounts of cash and shares of Brunswick common stock, Brunswick reported in a press release Wednesday.

"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. "Navman is the core of Brunswick New Technologies, and among the fastest growing units within Brunswick.”

Chung went on to call Navman the “backbone” of BNT and said it was 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."

"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," said George W. Buckley, Brunswick chairman and CEO. "We believe the best is yet to come.”

Navman’s structure will stay largely unchanged

Buckley said Navman would remain in New Zealand and that Navman founder and current president Peter Maire and all of its management team would remain 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, Buckley said.

"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," Maire said. "Navman will continue to introduce new GPS technology-based products from New Zealand, while aggressively expanding our presence around the world."

Maire will 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, according to Brunswick.

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