RACINE, WISCONSIN, May 6, 2004……..JOHNSON
OUTDOORS INC. (Nasdaq: JOUT) today announced it has acquired Techsonic
Industries Inc., a global leader in underwater sonar and video viewing,
and GPS technologies, from Teleflex Incorporated (NYSE: TFX). The
acquisition adds the popular Humminbird® brand to Johnson Outdoors’
marine electronics group portfolio which includes trolling motors
and accessories sold under the Minn Kota® name.
The $28 million deal reinforces the Company’s
strategic focus on acquisitions that complement its businesses,
have market leading potential and strengthen profitability. With
the addition of Humminbird®, Johnson Outdoors’ marine electronics
group sales are expected to surpass $100 million across marketplace
categories with combined estimated sales of more than $300 million
annually. According to research by the Sporting Goods Manufacturers
Association, fishing is an outdoor recreational activity enjoyed
by fifty-three (53) million people in the U.S.
“Minn Kota® and Humminbird® are two great
brands built on a strong heritage of continuous innovation. An even
greater future lies ahead for both as we look to leverage this formidable
combination of cutting-edge technology and consumer-insight excellence
to drive growth in the marine electronics marketplace,” said
Helen Johnson-Leipold, Chairman and Chief Executive Officer, Johnson
Outdoors. “We are very excited by the potential untapped opportunities
to be realized short-term and long-term through this acquisition.”
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Jeffrey P. Black, President and CEO of Teleflex commented,
“Teleflex has a long history of providing the world’s
premier boat builders with industry-leading mechanical and hydraulic
steering, electronics, instrumentation, engine drive parts and aftermarket
accessories. With this transaction, Teleflex will focus our resources
on continuing to bring boat builders and boaters superior new products
in our core marine OEM and aftermarket businesses. The Humminbird®
brand of fishfinders and consumer electronics is well-suited to
Johnson Outdoors’ family of strong brands.”
Minn Kota®, the world leader in electric fishing
motors, is delivering record sales year-to-date in 2004 fueled by
successful new products like the CoPilot™, a remote wireless
steering accessory, and the new Vector™ 3X transom-mounted
trolling motor. Humminbird® innovation spans three decades,
most recently seen with the Smartcast™ wireless remote fishfinder
with mobile, rod and wrist-mount viewing options, and the advanced
Matrix™ fishing system.
Teleflex Incorporated acquired Techsonic Industries
in 1993, as part of Teleflex Marine. Techsonic employs 172 people
at two locations: Eufaula, Alabama and Alpharetta, Georgia. With
this acquisition, Johnson Outdoors will now operate in 26 locations
worldwide.
Jerry Perkins, Chief Operating Officer, Johnson Outdoors,
sees significant marketplace synergy and benefit in the merger of
Minn Kota® and Humminbird® brands. According to Perkins,
“We not only market to the same consumers and many of the same
customers, we also share the same passion and drive to win in the
marketplace. Competition is tough and our philosophy is to out-think,
out-innovate and out-perform to stay on top.”
The deal was simultaneously signed and closed on May
5, 2004, and was a stock purchase cash transaction. The transaction
is anticipated to be accretive to cash flow and earnings in the
first full fiscal year of ownership (fiscal 2005).
Johnson Outdoors at a Glance:
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 across four categories: Watercraft, Motors,
Diving and Outdoor Equipment. Johnson Outdoors' familiar brands
include, among others: Old Town® canoes and kayaks; Ocean Kayak™,
Necky® and Dimension® kayaks; Minn Kota® motors; SCUBAPRO®
and SnorkelPro; UWATEC® dive equipment; and, Eureka!® tents.
Reported annual revenues in 2003 were over $315 million driven by
the unique passion and commitment of its 1,400 employees worldwide.
Teleflex at a Glance:
Teleflex is a diversified industrial company with annual revenues
of more than $2 billion. The company designs, manufactures and distributes
quality engineered products and services for the automotive, medical,
aerospace, marine and industrial markets worldwide. Teleflex employs
more than 19,000 people worldwide who focus on providing innovative
solutions for customers. Additional information about Teleflex,
including a recent archived conference call with analysts and investors,
can be obtained from the company's website on the Internet at www.teleflex.com.
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. 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: unanticipated issues
or costs associated with the integration of the Techsonic business;
changes in consumer spending patterns; the Company’s success
in implementing its strategic plan, including its focus on innovation;
actions of companies that compete with the Company; the Company’s
success in managing inventory; movements in foreign currencies or
interest rates; the success of suppliers and customers; the ability
of the Company to deploy its capital successfully; and adverse weather
conditions. 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.
Humminbird
Fish Finders and other products
Humminbird 777 c2
Delivers crystal clear views of the bottom, fish and structure with its high resolution hemispherical viewing color display and sonar. Click here...
Humminbird 787 c2
Top-of-the-line 787c2 Combo packs high resolution color display, DualBeamPLUS sonar and GPS chartplotting. Click here...
Humminbird 737
Features 90° QuadraBeam sonar, high resolution display, and a memory card reader to save sonar SnapShots or display optional cartography and GPS. Click here...
Humminbird 767
Features the ultra-high 640 vertical pixel resolution display combined with DualBeam PLUS sonar and GPS chartplotting. Click here...
Humminbird 383C
The top-of-the-line 383c Combo features brilliant color display, advanced sonar, GPS chartplotting. Click here...
Humminbird 727
Combining ultra-high resolution, DualBeam PLUS sonar, high power output, GPS trackplotting, barometric pressure and more Click here...
Humminbird 343C
This fishfinder features a brilliant color display and high power output for outstanding definition of the bottom, structure and fish. Click here...
Humminbird 363
The all-in-one 363 Combo features a high contrast monochrome display, advanced sonar, and GPS chartplotting. Click here...
Humminbird 141C
An affordable fish finder that packs a host of useful features in a compact device. It’s the perfect choice for those who prefer functionality over flamboyance. Click here...
Humminbird 323
The high performance Humminbird 323 Fishfinder with high resolution monochrome display makes an ideal upgrade to your old factory or dealer installed model. Click here...
Humminbird
PiranhaMAX 20
The PiranhaMAX 20 offers highest resolution for more detail, and dual beam
sonar to locate fish below and around the boat. Click here...
Humminbird
535
Fishfinder 535 features a big, high-resolution screen for greater detail
and clarity. Click here...
Humminbird
535 Portable
Fishfinder 535 Portable features a big, high-resolution screen for greater
detail and clarity in a portable unit. Click here...
Humminbird
515
Fishfinder 515 delivers high performance and the convenience of Quick Disconnect
Mounting Click here...
Humminbird
525
Fishfinder 525 delivers big screen performance for a better view of the
bottom, fish and structure. Click here...
Humminbird
585c
Fishfinder 585c packs a large, brilliant color TFT screen for improved discrimination
of the bottom, structure and fish hiding in cover Click here...
Humminbird
565
Fishfinder 565 is outfitted with the ultra high 640 vertical pixel resolution
display and 60° wide coverage demanded by serious anglers. Click here...
Humminbird
595c
Fishfinder 595c Combo shows your position on a built-in UniMap™ and
delivers performance fishfinding in one compact unit. Click here...
Humminbird
Matrix 37
The Matrix 37 is the ultimate structure finding machine pinpointing structure
directly below, to the left and to the right over a wide 90° area. Click here...
Humminbird
981c SI
Maps enormous areas of the bottom revealing topography and structure with
picture like detail, plus combines traditional 50/200kHz sonar and an ultra
wide, high resolution screen Click here...
Humminbird
987c SI
The 987c SI delivers it all with breakthrough Side Imaging sonar for picture-like
images of the bottom, precision GPS Chartplotting, and a no-compromise ultra
wide screen. Click here...
Humminbird
937c
Combines precision GPS Chartplotting, high performance sonar and a brilliant,
high resolution ultra wide screen optimized to show both at the same time.
Click here...
Humminbird
947c 3D
The 947c 3D shows wide areas of the bottom in 3D shaded relief and your
position on detailed digital charts, all on a high resolution display wide
enough to see both. Click here...
Humminbird
931c
Features high performance sonar with an ultra wide, high resolution color
display for big picture views of the bottom and no compromise split screens
viewing. Click here...
Humminbird
Matrix 47
Reveals bottom in 3D shaded relief for the most accurate representation
of the area under and around the boat. Click here...
Humminbird
Matrix 27
Offers serious anglers ultra high 640 vertical pixel resolution, and high
power for best performance under all conditions - fresh or saltwater. Click here...
Humminbird
Matrix 87
features brilliant color sonar and GPS with chartplotting to locate elusive
hotspots, find the fish and return home with confidence. Click here...
Humminbird
Matrix 77
Offers anglers serious performance with high power and brilliant color DualBeam
PLUS sonar to easily spot fish in structure. Click here...
Humminbird
HDR 600
For the recreational boater, the HDR 600 offers reliable depth readings
and face color choices to coordinate with existing gauges. Click here...
