BRP looks to sell marine businesses, 'double down' on powersports: CEO [Financial Post (Toronto, Ontario, Canada)]
BRP Inc. - Common Subordinate Voting Shares (DOOO)
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Source: Financial Post
MONTREAL — BRP Inc. has put its marine businesses up for sale as it looks to focus on powersports products and cut the cable to its money-losing boat brands. The Valcourt, Que.-based Ski-Doo maker said Friday it hopes to sell Alumacraft, Manitou and Telwater — all boat makers — as well as its marine parts, accessories and apparel businesses by May 2025. The sale excludes its marquee Sea-Doo personal watercraft and pontoons as well as its jet propulsion systems. The move comes after a tough few quarters for BRP. The COVID-19 pandemic yielded a windfall for the outfit as North Americans turned to consumer products and outdoor recreation, but the subsequent inflation and higher interest rates have left buyers less eager to shell out on new, non-essential gear. Its marine segment has seen losses for nearly two years, according to RBC Dominion Securities analyst Sabahat Khan. Revenue in the division fell 53 per cent year-over-year in its latest quarter. The company projected t
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