November 11, 2015 at 16:00 EET
Fiskars Corporation has today signed an agreement to sell its Boats business to Yamaha Motor Europe N.V. The transaction, which includes the sale of shares in Inha Works Ltd. as well as the sale of the Buster brand and related factory real estate in Ähtäri, Finland, will be completed in early 2016. The sale is not expected to have a significant impact on Fiskars Corporations’ financial position or result during the fourth quarter 2015 or at the time of closing.
Fiskars aims to operate as an integrated consumer goods company. As part of the strategy execution, the company has agreed to sell the Boats business, further strengthening Fiskars’ focus on its three core businesses; Functional products, Living products and Outdoor products. Since early 2015, the Boats business has been reported as part of Fiskars’ Other reporting segment.
Inha Works Ltd. is the biggest producer of aluminum boats in Europe, where the largest aluminum boat markets are in the Baltic Sea region. In 2015, Fiskars’ Boats business net sales are estimated to be approximately EUR 32 million and operating profit approximately EUR 1 million. The company currently employs approximately 160 people. The Buster branded boats are the most popular aluminum boats in Finland, Sweden and Norway and the brand offers an extensive range of boats from versatile recreational boating to demanding professional use.
"With the sale of Buster Boats, we strengthen our focus on Fiskars’ core businesses as we continue on our path to becoming a global integrated consumer goods company. Buster Boats has 60 years of experience of manufacturing aluminum boats and in recent years, it has made significant investments into research and development, design and manufacturing processes. Yamaha is one of the leading marine companies in the world and we believe this move offers the best path forward for the customers and the employees of Buster Boats," said Kari Kauniskangas, President and CEO of Fiskars Corporation.
"Buster Boats has collaborated with Yamaha for many years. The new ownership will enable us to work more closely together and expand the business to new markets," said Juha Lehtola, President, Boats Business at Fiskars.
President and CEO
Maija Taimi, Head of Corporate Communications and Corporate Responsibility, tel. +358 204 39 5031, email@example.com
Fiskars – celebrating centuries of pride, passion and design. Every day.
Established in 1649 as an ironworks in a small Finnish village, Fiskars has grown to be a leading consumer goods company with globally recognized brands including Fiskars, Iittala, Gerber, Wedgwood and Waterford. With iconic products, strong brands and global ambitions, Fiskars’ mission is to enrich people’s lives in home, garden and outdoor. Fiskars’ products are available in more than 100 countries and the company employs around 8,600 people in 30 countries. Fiskars is listed on Nasdaq Helsinki. www.fiskarsgroup.com