06:45 AM EDT, 10/17/2024 (MT Newswires) -- BRP announced on Thursday that it will sell its Marine businesses namely Alumacraft, Manitou, Telwater (Quintrex, Stacer, Savage and Yellowfin), and Marine parts, accessories and apparel.

BRP said this process excludes all activities related to its Sea-Doo personal watercraft, Sea-Doo Switch pontoons and jet propulsion systems.

BRP expects to complete the sale in the first quarter of fiscal 2026 and does not anticipate any impacts on its current fiscal year guidance. It said it will not provide comments on the progress of the process.

On the planned sales, BRP said "in light of the challenging economic context", it has decided to channel its efforts and investments towards its Powersports Year-Round Products, Seasonal Products, Parts, Accessories and Apparel portfolio, as well as its Original Equipment Manufacturer (OEM) Engine business.

"After careful consideration and given the current dynamics of both the Marine and Powersports industries, we have decided to double down on our core Powersports activities and to sell our Marine businesses," said Jose Boisjoli, President and CEO of BRP. "Over the past few years, we have built a solid foundation by investing in the development of innovative Marine products and upgrading the production facilities. As such, we believe that these iconic brands can offer attractive value creation opportunities for a new owner."

BRP said its objective is to solidify its position as a global Powersports OEM. The company added it is confident that this decision will enable it to capitalize on growth opportunities within the Powersports industry and improve its margin profile, thereby enhancing its position for long-term success.

BRP shares rose $0.70, or 0.9%, to $78.43 on the TSX yesterday, leaving it at the low end of its 52 week trading range.