Genmar Holdings, Inc. announces that it has signed a definitive agreement to sell Hatteras Yachts
, Inc. to Brunswick Corporation for approximately $80 million in cash. The agreement contains provisions allowing for an additional payment of up to $20 million based on Hatteras achieving
certain financial targets over the next 20 months. Consistent with its June 27, 2001announcement, Genmar's Board of Directors considered all appropriate alternatives with respect to Hatteras and concluded a sale was the appropriate conclusion to enhance overall shareholder value.