Sherbrooke, Québec, August 2, 2004 - Bombardier Recreational Products Inc. (BRP) and Camoplast Inc. (Camoplast) announced the execution of an agreement pursuant to which BRP will sell its Industrial division headquartered in Granby, Québec to Camoplast.
"The sale of the Industrial division is in line with our company's strategic focus, which is designed to maximise the synergies between our various products and manufacturing facilities. BRP will therefore concentrate its energies in the development and manufacturing of recreational products," stated José Boisjoli, President and CEO, BRP.
For his part, Pierre Marcouiller, President and CEO, Camoplast, noted the strategic importance of this acquisition for his company: "We are quite pleased with the agreement for the purchase of BRP Industrial which provides us with new growth opportunities and gives us access to the industry's most competent and well respected workforce."
The Granby manufacturing facility produces snowgroomers for the majority of North America's ski resorts as well as a line of tracked vehicles for the natural resources, energy and telecom industries around the world.
The agreement provides for the jobs and manufacturing operations to be maintained at the Granby plant.
"I am very pleased to have reached this agreement with Camoplast, a strategic buyer of BRP Industrial as well as a company with which we have built a strong relationship over the past 20 years," added Mr. Boisjoli.
Pierre Marcouiller stated that "this is indeed an important step in our company's history and will allow Camoplast to increase its product line with traction systems for heavy off-road vehicles and to become the North American leader in the snowgrooming industry."
Completion of this transaction is subject to the approval of required governmental authorities and to other consents and usual conditions. It is expected that the transaction will be closed by August 30, 2004.
BRP is a world leader in the design, development, manufacturing, distribution and marketing of Sea Doo® watercraft and sport boats, Ski Doo® and LynxTM snowmobiles, Johnson® and Evinrude® outboard engines, direct injection technologies such as Evinrude E TECT, Bombardier* all-terrain vehicles (ATV), RotaxTM engines and karts.
Camoplast inc., a company headquartered in Sherbrooke, Québec, Canada, has 1,500 employees in eleven manufacturing sites located in the United States, Canada, Mexico and Europe. The main activities of Camoplast are linked to the manufacturing of rubber tracks, composite and plastic components aimed at heavy vehicles, recreational, agricultural, transportation and industrial markets.
This release contains certain forward-looking statements with respect to the potential sale of the industrial vehicles business of BRP to Camoplast. All of these forward-looking statements, which can be identified by the use of terminology such as "subject to," "believe," "expects," "may," "will," "should," "can," or "anticipates," or the negative thereof, or variations thereon, or comparable terminology, or by discussions of strategy which, although believed to be reasonable, are inherently uncertain.
Readers are cautioned not to place undue reliance on forward-looking statements. BRP and Camoplast cannot guarantee the consummation of the transaction or future results, trends, events, levels of activity, performance or achievements by either company. Each company BRP does not undertake and specifically declines any obligation to update, republish or revise forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrences of unanticipated events.
®, TM Trademark of Bombardier Recreational Products Inc. or its subsidiaries.
* Trademark of Bombardier Inc. used under license.
For information:
BRP:
Pierre Pichette
Vice President, Communications and Public Affairs
(450) 461-7700
pierre.pichette@brp.com
www.brp.com
Camoplast:
Yves Bellavance
Nadeau, Bellavance Public Relations
(819) 562-9998
www.camoplast.com