Tuesday, January 04, 2005

Brunswick Corp. Buys Sea Pro, Sea Boss

LAKE FOREST, Ill. (AP) - Leisure products maker Brunswick Corp. reported Monday that it acquired Sea Pro Boats Inc. and Sea Boss Boats LLC for about $51 million in cash to fill out its boating business.

Brunswick said it will fold the Sea Pro, Sea Boss and Palmetto boat brands with its Boston Whaler brand to form a new saltwater boat group based in Edgewater, Fla. Boston Whaler President Michael W. Myers will head the new group and will report to Dustan E. McCoy, president of the Brunswick boat group. Myers also will remain head of Boston Whaler until a successor is named.


Updated: 2005/01/03 ET
48.57 -0.93
Tommy Hancock, founder and president of Sea Pro, will remain in that position and report to Myers, Brunswick said.

The deal has a $4 million earn-out provision based on performance objectives for the year. Sea Pro and Sea Boss had sales of about $80 million in 2004. Brunswick posted $4.13 billion in sales for 2003.

Shares of Brunswick fell 69 cents, or 1.4 percent to $48.81 in morning trading on the New York Stock Exchange.


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