LAKE FOREST, Ill., Sept 18, 2014 - Brunswick Corporation (NYSE: BC) announced that it has completed the previously announced sale of its Retail Bowling business to Bowlmor AMF for $270 million.
In a related strategic action, Brunswick continues the process of selling its Bowling Products business in a separate transaction.
As previously stated, Brunswick anticipates net proceeds from both these divestitures and associated actions to be approximately $270 million to $290 million, which reflects the Company's current estimates for taxes and liabilities. Brunswick believes its best opportunity to increase shareholder value is to use these net proceeds to strengthen its Marine and Fitness segments. Further, the Company plans to consider the following: increasing the quarterly dividend, accelerating contributions to the Company's underfunded pension plans as part of its de-risking strategy, and establishing a share repurchase program.
Headquartered in Lake Forest, Ill., Brunswick Corporation endeavors to instill "Genuine Ingenuity"(TM) in all its leading consumer brands, including Mercury and Mariner outboard engines; Mercury MerCruiser sterndrives and inboard engines; MotorGuide trolling motors; Attwood and Whale marine parts and accessories; Land 'N' Sea, Kellogg Marine, and Diversified Marine and Bell RPG parts and accessories distributors; Bayliner, Boston Whaler, Brunswick Commercial and Government Products, Crestliner, Cypress Cay, Harris FloteBote, Lowe, Lund, Meridian, Princecraft, Quicksilver, Rayglass, Sea Ray and Uttern boats, and Life Fitness and Hammer Strength fitness equipment, Brunswick billiards tables and table tennis.
For more information, visit http://www.brunswick.com.
Contact: Bruce Byots / Vice President - Corporate and Investor Relations / Phone:847-735-4612