Johnson Outdoors Inc. (JOUT), an outdoor recreation products maker, said on Friday that it has inked a deal to sell its Eureka! Military and Commercial Tents product lines, to Rekord Group, for $13.7 million.
Helen Johnson-Leipold, CEO of Johnson Outdoors, said: "The agreement with Rekord Group will allow Johnson Outdoors' Camping business to focus more of its efforts on opportunities in our recreational camping business and lead with consumer-focused innovation…"
The transaction, expected to be closed by March 17, includes the military and commercial tents product lines, and a facility in Binghamton, New York.
However, the sale does not include the Eureka! brand name, or the Eureka! Consumer, recreational camping business as Johnson Outdoors will continue to operate the same.
JOUT is trading down by 3.02 percent at $61.43 per share in pre-market on the Nasdaq.
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