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Brunswick Completes Acquisition of Hatteras Yachts.

LAKE FOREST, Ill. -- Brunswick Corporation announced today that it has completed its previously announced acquisition of Hatteras Yachts, Inc. from Genmar Industries, Inc. for approximately $80 million in cash. The transaction also provides for an additional payment of up to $20 million based on the financial performance of Hatteras during the period ending June 30, 2003. Brunswick will also receive future tax benefits, which have a present value of approximately $13 million.

Headquartered in New Bern, N.C., Hatteras has annual sales of approximately $130 million. From its 580,000-square-foot manufacturing facility, Hatteras builds 15 models of sportfishing convertibles and motor yachts and sells about 70 boats per year.

Brunswick Chairman and Chief Executive Officer George W. Buckley called Hatteras "the premier U.S. manufacturer of luxury sportfishing convertibles and motor yachts in the 50-foot to 100-foot range." A strong brand with virtually no overlap in the product line between Brunswick's Sea Ray, Bayliner and Maxum pleasure boat brands, Buckley added that "Hatteras is an excellent addition to our Brunswick Boat Group. It will allow Brunswick to meet the needs of its boating customers who desire to move up in size and luxury, especially in the United States."

Hatteras President William C. Naumann and his management team will continue to operate the business. Naumann now reports to Dustan E. McCoy, president of the Brunswick Boat Group.

Headquartered in Lake Forest, Ill., Brunswick Corporation is a manufacturer and marketer of leading consumer brands, including Mercury and Mariner outboard engines; Mercury MerCruiser sterndrives and inboard engines; Sea Ray, Bayliner, Maxum, Hatteras and Sealine pleasure boats; Baja high- performance boats; Boston Whaler and Trophy offshore fishing boats; Princecraft fishing, deck and pontoon boats; Life Fitness, Hammer Strength and ParaBody fitness equipment; Brunswick bowling centers, equipment and consumer products; and Brunswick billiards tables.

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Contact: Dan Kubera, Director - Public and Financial Relations of Brunswick Corporation, +1-847-735-4617

Website: http://www.brunswick.com/
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Publication:PR Newswire
Date:Nov 30, 2001
Words:328
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