PRODUCT NEWS
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| Brunswick reveals plans to spin off its US$1bn Life Fitness business |
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| 02 Mar 2018 . BY Tom Walker |
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| Jaime Irick will lead the new FitnessCo spin-off / Brunswick Group |
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US-based manufacturing conglomerate Brunswick has announced plans to spin off its fitness business, forming an independent, standalone, publicly traded company called FitnessCo.
The move will see Brunswick’s fitness brands – Life Fitness, Hammer Strength, Cybex, Indoor Cycling Group and SCIFIT – being operated by the new company.
In a statement, Brunswick said the move would allow the new company to better focus on “driving product leadership, operational excellence and technology development to address evolving commercial fitness marketplace trends”.
FitnessCo will remain headquartered in Rosemont, Illinois and Jaime Irick, current president of the company's fitness division, will lead the business.
Brunswick’s fitness businesses achieved sales revenue of US$1.03bn (€840m, £749m) in 2017 – numbers which will make the future FitnessCo one of the largest fitness equipment providers in the world.
"Our board of directors and management regularly review our portfolio of businesses and brands, and after careful review, have determined that a spin-off of the fitness business is the best option to maximise the value of both businesses," said Brunswick chair and CEO Mark D. Schwabero.
"With this action, FitnessCo will be positioned to continue to grow, innovate and provide customers with high-quality solutions.”
The move comes after Brunswick added two major players to its Life Fitness-led fitness business in the past two years.
The company acquired Cybex in a deal worth, US$195m in January 2016 followed by the acquisition of Germany-based Indoor cycling Group (ICG) for an undisclosed sum later in the year.
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