RACINE, Wis. – Johnson Outdoors Inc. (Nasdaq: JOUT) has acquired the Cannon downriggers and Bottomline fishfinders brands and assets in a cash purchase from Computrol of Boise, Idaho, a wholly owned subsidiary of Armstrong International, it reported in a statement yesterday.
The deal, which closed on October 3, reinforces the company’s strategic focus on acquisitions that complement its businesses, have market-leading potential and strengthen profitability, according to Johnson Outdoors.
The Cannon and Bottomline brands will be integrated into the company’s existing Marine Electronics Group business unit, which includes the Minn Kota brand of electric motors and accessories, and Humminbird brand fishfinders. The acquisition is expected to be accretive to earnings in the first full fiscal year of ownership (fiscal 2006).
“Our vision is to own the outdoor adventure, with a clear focus on growth by expanding our markets, our brand equities and our technology horizon through continuous innovation and targeted acquisitions,” said Helen Johnson-Leipold, chairman and chief executive officer, Johnson Outdoors. “We invest in the future of our businesses, and by doing so help increase profitability and enhance shareholder value long-term.”
As a result of these acquisitions, Johnson Outdoors now competes in five distinct marine electronics segments that represent a $350 million marketplace opportunity, the company said.
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