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Brunswick Acquires

2 Sept 2003

Brunswick Press Release
2 Sep. 2003

Brunswick Acquires Boat Parts and Accessories Business of Attwood

LAKE FOREST, Ill., Sep 2, 2003 /-- Brunswick Corporation (NYSE: BC) announced today that it has acquired the marine product business of Attwood Corporation, a leading manufacturer of marine hardware and accessories and a subsidiary of Steelcase Incorporated (NYSE: SCS), for approximately $47.9 million in cash. Lowell, Mich.-based Attwood, with annual sales of approximately $56 million, will be part of the Brunswick Boat Group's Parts and Accessories business.

"Attwood is among the largest and most respected marine parts manufacturers in North America, which will immediately give us a significant presence in this market," said George W. Buckley, chairman and chief executive officer of Brunswick Corporation. "Participating in the boat parts and accessories (P&A) segment achieves a number of strategic objectives. It facilitates our efforts to integrate boat and engine design and engineering. It also enables us to offer a higher level of service to our dealers. In addition, it provides Brunswick a chance to increase sales as well as an attractive profit opportunity for Brunswick and our dealers as after-market P&A traditionally offers higher-margins."

"As with our recent acquisition of Land 'N' Sea, Attwood is a key element in our goal of building a dedicated boat P&A business," explained Dustan E. McCoy, president of the Brunswick Boat Group. "Our strategy is to focus on delivering to Attwood customers -- dealers and independent repair shops, warehouse distributors, retailers, and original equipment manufacturers -- superior parts and service support. Further, Attwood's in-house component design and engineering capabilities will enable us to develop a line of proprietary P&A for our Brunswick boat brands and dealers."

"In addition, Attwood has used vendors from around the globe for 25 years to produce its own designed and engineered products," McCoy said. "We believe these relationships will make our current global sourcing initiatives even more effective. Combined with Land 'N' Sea's broad distribution network, Attwood will be a great addition to the Boat Group's P&A business."

"Attwood's strong sales, marketing and customer service, product quality and operations were very compelling," added Randy Gray, vice president and general manager of Brunswick Boat Parts and Accessories. "Attwood is ISO 9001 certified and has solid operations and warehousing systems, including lean manufacturing practices and highly efficient pick-and-ship capabilities. Our plans are to solidify and integrate Attwood's operations into the Brunswick Boat Group as swiftly and efficiently as possible."

About Brunswick

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; Teignbridge propellers; MotoTron electronic controls; Northstar marine electronics; Navman GPS-based products; IDS dealer management systems; Sea Ray, Bayliner, Maxum, Hatteras, Meridian and Sealine pleasure boats; Baja high-performance boats; Boston Whaler and Trophy offshore fishing boats; Princecraft fishing, deck and pontoon boats; Attwood marine parts and accessories; Land 'N' Sea parts and accessories distribution; Life Fitness, Hammer Strength and ParaBody fitness equipment; Brunswick bowling centers, equipment and consumer products; Brunswick billiards tables; and Valley-Dynamo pool, table hockey and foosball tables. For more information, visit www.brunswick.com .

SOURCE Brunswick Corporation 

Brunswick News

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