Johnson Outdoors' Marine Portfolio Grows: Company Acquires GEONAV, European Electronics Leader12 November 2007Category:NavionicsJohnson OutdoorsGeonavstockpurchase
RACINE, WISCONSIN, November 12, 2007 - JOHNSON OUTDOORS INC. (Nasdaq: JOUT) today announced it has reached agreement to acquire Geonav, one of Europe’s premier marine electronics companies. The Geonav chartplotter and marine accessories brand and assets were acquired in a stock purchase from NAVIONICS of Viareggio, Italy. The deal reinforces the Company’s strategic focus on acquisitions that complement its businesses, expand marketplace scope and opportunity, and strengthen profitability.
Geonav operations will be integrated into the Company’s existing Marine Electronics Group business unit, a global leader in electronic fishing systems with MINN KOTA electric motors and accessories, Humminbird fishfinders and Cannon downriggers.
“Our vision is to own the outdoor adventure with a clear focus on sustained, profitable 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. “This acquisition will enable us to leverage our strength in innovation and branding with Geonav insight and knowledge of the European marketplace to grow all our Marine Electronics brands into the #1 position in every key country in the region.”
“NAVIONICS is the pioneer in electronic chartplotting technology used today by leading marine electronics and boat manufacturers around the world. Over the years we are proud to also have built Geonav into a leading consumer chartplotter brand which is well-suited to join the strong and growing Johnson Outdoors portfolio. With this transaction, NAVIONICS will focus our resources on continuing to bring forward the world’s most innovative technology in marine and outdoor cartography,” said Giuseppe Carnevali, Founder and Chief Executive Officer, NAVIONICS.
Geonav is a leading European brand of chartplotters. Also sold under the Geonav brand are marine autopilots, VHF radios and fishfinders. As a result of this acquisition, Johnson Outdoors now competes in eight distinct marine electronics segments which combined represent a global marketplace opportunity of nearly $1 billion.
Johnson Outdoors’ Marine Electronics Group has tripled in size over the past six years due to strong organic growth and successful strategic acquisitions. Throughout fiscal 2007, Marine Electronics group fishing system revenues have set records, driven largely by new product innovations representing more than a third of group sales during the first three quarters of the year. In the past two years, the MINN KOTA TERROVA™, Humminbird SIDE-IMAGING technology and CANNONLINK technology have received innovative product of the year honors at ICAST, the world’s largest marine and fishing show.
ABOUT JOHNSON OUTDOORS INC.
Johnson Outdoors is a leading global outdoor recreation company that turns ideas into adventure with innovative, top-quality products. The company designs, manufactures and markets a portfolio of winning, consumer-preferred brands for paddling, fishing, boating, diving and camping. Johnson Outdoors' familiar brands include, among others: Old Town canoes and kayaks; Ocean Kayak and Necky kayaks; Lendal paddles; Escape electric boats; Minn Kota motors; Cannon downriggers; Humminbird and Fishin’ Buddy fishfinders; SCUBAPRO UWATEC and Seemann™ dive equipment; Silva® compasses and digital instruments; and Eureka!® tents. The Company has more than 1,400 passionate employees across its 23 locations around the world.
Enjoy our Spirit of Adventure at http://www.johnsonoutdoors.com
NAVIONICS is based in Viareggio, Italy, and operates sales and manufacturing facilities in seven countries ¬conducting research and development, operations, production, sales, marketing and distribution. NAVIONICS® headquarters in Viareggio, Italy serves Europe, Africa, Asia and Oceania, and manages the research, development and production facilities globally. NAVIONICS US headquarters, based in Wareham, Massachusetts, oversees the Americas. NAVIONICS Australia, NAVIONICS France and NAVIONICS UK provide sales and distribution to their local regions. For over 20 years, NAVIONICS has developed and manufactured electronic navigation charts and systems for marine, inland lakes and rivers and outdoors use.
SAFE HARBOR STATEMENT
Certain matters discussed in this press release are “forward-looking statements,” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical fact are considered forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, which could cause actual results or outcomes to differ materially from those currently anticipated. Factors that could affect actual results or outcomes include changes in consumer spending patterns; the Company’s success in implementing its strategic plan, including its focus on innovation; actions of and disputes with companies that compete with the Company; the Company’s success in managing inventory; movements in foreign currencies or interest rates; the Company’s success in restructuring of its European Diving operations; unanticipated issues related to the Company’s military sales; the success of suppliers and customers; the ability of the Company to deploy its capital successfully; adverse weather conditions; and other risks and uncertainties identified in the Company’s filings with the Securities and Exchange Commission. Shareholders, potential investors and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included herein are only made as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.