Brunswick Corporation has purchased the remaining 30 percent of Navman NZ Limited stock that it did not already own for total consideration of approximately US$33 million (NZ$52 million), paid in equal amounts of cash and shares of Brunswick common stock. Brunswick acquired 70 percent of the stock of Navman in June 2003.
"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," explained Brunswick Chairman and Chief Executive Officer George W. Buckley. "This belief has been reinforced during the past year as Navman's strong performance has given us an indication of what Brunswick and Navman can do together."
"Further, as we believe the best is yet to come, we want to stay the course with Navman," Buckley continued. "New Zealand will remain Navman's home, with Peter Maire and all of Navman's experienced and accomplished management team remaining 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. More than half of that job growth has been in New Zealand, with the remainder in markets where Navman is expanding its global presence."