Johnson Outdoors added to its portfolio of, outdoor recreational brands with Cannon downriggers and Bottomline fishfinders. The brands and assets were acquired in a cash purchase from Computrol of Boise, Idaho, a wholly owned subsidiary of Armstrong International. The deal reinforces the Company's strategic focus on acquisitions that complement its businesses, have market-leading potential and strengthen profitability.
Cannon(R) and Bottomline(R) brands will be integrated into the Company's existing Marine Electronics Group business unit which includes the world-leading Minn Kota(R) brand of electric motors and accessories, and Humminbird(R) brand fishfinders. The acquisition is expected to be accretive to earnings in the first full fiscal year of ownership (fiscal 2006).
“Our vision is to own the outdoor adventure, with a clear focus on 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. “We invest in the future of our businesses, and by doing so help increase profitability and enhance shareholder value long-term.”
Cannon(R) is the #1 brand of downriggers used on motorized boats for controlled depth fishing. Bottomline(R) is a value brand of fishfinders which includes the popular portable, battery-operated “Fishin' Buddy(R)” series. As a result of these acquisitions, Johnson Outdoors now competes in five distinct marine electronics segments that represent a $350 million marketplace opportunity. The Sporting Goods Manufacturers Association reports fishing is an outdoor recreational activity enjoyed by more than 50 million people in the U.S.