02.04.2007 14:10:00
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Johnson Outdoors Acquires Seemann Sub(TM)
JOHNSON OUTDOORS INC. (Nasdaq:JOUT) today announced it is adding
the popular German brand, Seemann Sub™, to its
portfolio of winning outdoor recreational brands. The family-owned and
managed German company was acquired from Robert and Ella Stoss. The
transaction, which closed on April 2, 2007, continues Johnson Outdoors’
strategic focus on acquisitions that complement its businesses, have
market-leading potential and strengthen long-term profitability.
Seemann Sub™, founded in 1979, is one of
Germany’s largest dive equipment providers,
offering a complete line of dive gear for the price driven consumer. The
acquisition enables Johnson Outdoors for the first time to go to market
with a full range of innovative, quality dive equipment and gear
representing the best value at every price point for the retail and
rental channels. Over the next six months, the Company plans to relocate
its existing SCUBAPRO® and UWATEC®
business in Germany into Seemann Sub™
operations located in Wendelstein, Germany. The acquisition is expected
to become accretive to JOUT earnings in fiscal 2008.
"Continuous innovation and strategic,
targeted acquisitions are key to achieving our future growth vision,”
said Helen Johnson-Leipold, Chairman and Chief Executive Officer,
Johnson Outdoors. "Germany is the #1 dive
market in Europe, and establishing a strong presence there is essential
to returning our diving business to historic levels of profitability. As
a result of this acquisition, overnight Johnson Outdoors has become one
of the top three competitors in this important regional marketplace. The
opportunity beyond Europe is even more exciting as we look to leverage
the SCUBAPRO® global dealer network to expand
distribution of Seemann Sub™ around the world.”
Seemann Sub™ was purchased by Robert Stoss in
1997 following a successful 10 year career with SCUBAPRO®
during which he directed diving operations first in Germany and then in
the United States. Stoss has been active in the diving industry for
nearly three decades, and is currently the licensee of the new Scuba
Schools International (SSI®) European
Distribution Centre. Under his guidance, Seemann Sub™
has earned a reputation as an innovation leader in the price/value dive
gear segment with products such as the SL400™
second stage regulator, and the new Extender™
dry suit which was recently featured among the top 2007 product
recommendations by Unterwasser, a premier German dive
publication. Stoss has entered into a special agreement to work with
Johnson Outdoors in the future on a variety of diving product design,
marketing and sales efforts apart from his current ventures.
Johnson Outdoors is a pioneer in the scuba diving industry known for
innovative product firsts, such as: underwater breathing regulators;
user-friendly, nitrox dive computers; and, patented split-fin hydrofoil
technology. The Company commands the #2 position worldwide in an
estimated $1 billion global retail marketplace and, with the addition of
Seemann Sub™, is now a leading competitor in
every major segment of the estimated $63 million dive market in Germany.
ABOUT JOHNSON OUTDOORS INC.
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, Marine
Electronics, Diving and Outdoor Equipment. Johnson Outdoors' familiar
brands include, among others: Old Town®
canoes and kayaks; Ocean Kayak™ and Necky®
kayaks; Lendal™ paddles; Escape®
electric boats; Minn Kota® motors; Cannon®
downriggers; Humminbird® and Fishin’
Buddy® fishfinders; SCUBAPRO®
and UWATEC® dive equipment; Silva®
compasses and digital instruments; and Eureka!®
tents. The Company has 23 locations around the world, employs 1,300
people and reported annual revenues of $395.8 million in fiscal 2006.
Visit Johnson Outdoors at http://www.johnsonoutdoors.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. Statements other than statements of historical fact
are considered forward-looking statements. 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 changes in consumer spending patterns; the Company’s
success in implementing its strategic plan, including its focus on
innovation; actions of and disputes with companies that compete with the
Company; the Company’s success in managing
inventory; movements in foreign currencies or interest rates; the Company’s
success in restructuring of its European Diving operations;
unanticipated issues related to the Company’s
military sales; the success of suppliers and customers; the ability of
the Company to deploy its capital successfully; adverse weather
conditions; and other risks and uncertainties identified in the Company’s
filings with the Securities and Exchange Commission. 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.
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