BRP CEO says US tariffs remain a drag on its growing boat

BRP Inc. says it has closed a deal to acquire a majority stake in Australia’s largest aluminum boat maker, Telwater Pty. Ltd., furthering the company’s push into the multi-billion fishing and pleasure boating market despite the pain of ongoing metal tariffs.The maker of Ski-Doo snowmobiles and Sea-Doo watercraft wrapped its agreement Thursday to buy 80 per cent of Telwater’s outstanding shares. Its owner and managing director, Paul Phelan, will stay on with the company and retain 20 per cent ownership.Telwater marks BRP’s third foray into watercraft in the past year after the Quebec-based firm acquired Alumacraft Boat Co. and Manitou Pontoon Boats last summer. The additions drove a one-third rise in marine product revenues to $146.3 million in the latest quarter.Chief executive Jose Boisjoli is declining to specify the purchase price, but says Telwater notches about $100 million in annual sales.The CEO is intent on casting a line to the world’s 700 million anglers via fishing and pontoon boats, though he says the spate of acquisitions means pausing any future purchase plans around watercraft.Boisjoli says the nearly year-long trade war between the United States and Canada has dented BRP’s margins, with the U.S. imposing a 10 per cent tariff — lifted in May — on aluminum for 50 weeks. Ongoing trade tensions between the U.S. and China remain a drag on BRP business.Boisjoli calls the tariffs “short-term pain,” pointing to BRP’s manufacturing flexibility and product diversity, which includes ATVs, three-wheeled motorcycles and Evinrude outboard motors. Companies in this story: (TSX:BRP)The Canadian Press read more


Butlins owner helps parents fight ban on term time holidays

first_imgMedia House is understood to have lobbied MPs on behalf of the campaign group, contacted government departments and trade unions and sent out press releases that accused the government of “unfairly criminalising hard-working families”.Mr Irvine said Media House had not charged Bourne Leisure any extra for its work with Parents Want a Say between 2014 and 2016. Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily  Front Page newsletter and new  audio briefings. The company that owns Butlins helped fund a parent organisation’s fight against the term time holiday ban.Bourne Leisure, which also owns Haven caravan parks and Warner Leisure Hotels, allowed  Parents Want a Say free use of its PR agency.Jack Irvine, executive chairman of Media House International, said Bourne Leisure had asked him to help with the “very interesting campaign”.He told the Sunday Times: “Butlins, like every other holiday company in the UK, has quite a long holiday season, yet there is this mad rush for places during the very brief six-week school holiday period. Anything to ease that pressure is good news and good business.”Parents Want a Say was co-founded by Craig Langman, a father of one, and Karen Wilkinson, a mother of three, in 2013 to protest against a change in government regulations that meant head teachers could not grant any leave of absence to pupils during term time without “exceptional circumstances”. last_img read more