|Brunswick Corporation : Innovation, Growth Among Goals of New Joint Venture Between Brunswick and TechNexus|
METTAWA, Ill. Sept. 12, 2017 - Brunswick Corporation (NYSE: BC) and Chicago-based TechNexus Venture Collaborative today announced they have formed a joint venture to identify and advance transformative innovation to unlock new growth opportunities in both the marine and fitness industries. Terms of the agreement were not disclosed.
Brunswick, with such leading brands as Mercury Marine engines, Boston Whaler and Lund boats, and Life Fitness, Hammer Strength and Cybex exercise equipment, is a leader in the global marine and fitness industries. TechNexus, which finds, funds, and grows technology ventures, works with leading corporations to identify a tailored portfolio of opportunities for collaboration and growth through investment in, and incubation, of early-stage companies.
Drawing upon resources at both Brunswick and TechNexus, the joint venture will source, evaluate and recommend strategic opportunities for investment as well as for support by the partnership. Among other services, the joint venture will provide diligence, incubation, direction and ongoing collaboration to aid and ensure development of those receiving investment.
"We believe that there are rich opportunities both in emerging technology and extensions of current product technologies that the joint venture can pursue," explained Brunswick's Chief Technology Officer David Foulkes. "We are excited to be working in a space that offers so much energy and innovation to support our strategy, and offers us the opportunity to continue to evolve and differentiate our business to better compete in the long-term."
"Brunswick's diversified work in marine and fitness offers an opportunity to source a variety of emerging technology ventures that solve strategic challenges across industries that are being redefined," said Terry Howerton, CEO of TechNexus Venture Collaborative. "Embracing innovation through venture collaboration enables Brunswick to proactively develop new technologies and markets."
Headquartered in Mettawa, Ill., Brunswick Corporation's leading consumer brands include Mercury and Mariner outboard engines; Mercury MerCruiser sterndrives and inboard engines; MotorGuide trolling motors; Attwood, Garelick and Whale marine parts and accessories; Land 'N' Sea, Kellogg Marine, Lankhorst - Taselaar, Payne's Marine and BLA parts and accessories distributors; Bayliner, Boston Whaler, Brunswick Commercial and Government Products, Crestliner, Cypress Cay, Harris, Lowe, Lund, Meridian, Princecraft, Quicksilver, Rayglass, Sea Ray, Thunder Jet and Uttern; Life Fitness, Hammer Strength, Cybex, Indoor Cycling Group and SCIFIT fitness equipment; and Brunswick billiards tables, accessories and game room furniture. For more information, visit www.brunswick.com.