Mallorca by Land, Air and Sea

USA & Italy. Johnson Outdoors acquires GEONAV

Tuesday, 13 November 2007

Johnson Outdoors Inc. (Nasdaq: JOUT) has 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.

 

Last Updated ( Tuesday, 13 November 2007 )