Brunswick Corp. said Thursday that it completed the previously announced sale of its retail bowling business to Bowlmor AMF for $270 million.
In a related strategic action, the company said it continues the process of selling its bowling products business in a separate transaction.
As Brunswick previously said, it anticipates net proceeds from both divestitures and associated actions to be about $270 million to $290 million, which reflects the company's current estimates for taxes and liabilities. Brunswick said it believes its best opportunity to increase shareholder value is to use those net proceeds to strengthen its marine and fitness segments.
Brunswick CEO Dustan McCoy said during a conference call in July with investors and analysts that the company will continue to pursue potential marine parts and accessories business acquisitions. In June, Brunswick said it was buying Ireland-based water movement and heating systems manufacturer Whale.
“We anticipate additional acquisition activity in this area,” McCoy said during the conference call.
The company said Thursday that it plans to consider increasing its quarterly dividend, accelerating contributions to its underfunded pension plans as part of its de-risking strategy and establishing a share repurchase program.