UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of July, 2020
Commission File Number: 001-38648
BRP INC.
(Translation of registrants name into English)
726 Saint-Joseph Street
Valcourt, Quebec, Canada
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☐ Form 40-F ☒
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
EXHIBIT INDEX
Exhibit 99.1 to this report of a Foreign Private Issuer on Form 6-K is deemed filed for all purposes under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended.
Exhibit No. |
Description | |
99.1 | Press Release of BRP Inc., dated July 2, 2020 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BRP Inc. | ||||||
By: | /s/ Paule Morisset | |||||
Name: | Paule Morisset | |||||
Title: | Assistant Secretary | |||||
Date: July 2, 2020 |
Exhibit 99.1
PRESS RELEASE For immediate distribution |
BRP TO INCREASE MANUFACTURING CAPACITY IN MEXICO TO
MEET SIDE-BY-SIDE VEHICLES DEMAND
Valcourt, Quebec, July 2, 2020 BRP (TSX: DOO; NASDAQ: DOOO) announced today that it is increasing its manufacturing capacity with the construction of a new facility in Mexico to meet demand for its off-road vehicles (ORVs) business.
This expansion of BRPs production facilities is intended to help keep pace with the increased demand for Can-Am side-by-side vehicles (SSVs) experienced in recent years. After a temporary slowdown due to COVID-19, retail sales went up by over 35% in May, compared to the previous year, and the trend continued in June.
Despite the pandemic, demand for our products has remained strong, and even surpassed last years figures for the same period, said José Boisjoli, President and CEO. Our continued innovation and steady growth in SSVs make this additional capacity necessary to meet our goal of achieving 30% market share, he added.
The planned facility will be located in Juárez and represents an investment of an estimated CA$185M and would result in the creation of up to 1,000 permanent jobs. BRPs total capital expenditure for FY21 is now expected to be in a range of CA$275M to CA$300M.
Site planning and construction are scheduled to begin within the next months, and the plant is expected to be ready for operation by Fall 2021. This new plant, combined with the companys two off-road manufacturing facilities in Juárez, will create positive operational synergies and efficiencies.
About BRP
We are a global leader in the world of powersports vehicles, propulsion systems and boats, built on over 75 years of ingenuity and intensive consumer focus. Our portfolio of industry-leading and distinctive products includes Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft, Can-Am on- and off-road vehicles, Alumacraft, Manitou, Quintrex, Stacer and Savage boats, Evinrude and Rotax marine propulsion systems as well as Rotax engines for karts, motorcycles and recreational aircraft. We complete our lines of products with a dedicated parts, accessories and apparel business to fully enhance the riding experience. With annual sales of CA$6.1 billion from over 120 countries, our global workforce is made up of approximately 12,600 driven, resourceful people.
www.brp.com
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@BRPNews
Ski-Doo, Lynx, Sea-Doo, Can-Am, Rotax, Evinrude, Manitou, Alumacraft, Quintrex, Stacer, Savage and the BRP logo are trademarks of Bombardier Recreational Products Inc. or its affiliates. All other trademarks are the property of their respective owners.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements in this press release, including, but not limited to, statements relating to the plan to build a new production facility in Mexico, the costs related to this project and the planned increase in capital expenditure for fiscal year 2021, the moment when this proposed new facility will start operation, the number of permanent jobs expected to be created, the impact of this proposed new plant on the Companys production capacity, other statements about the Companys current and future plans, its ability to address the COVID-19 pandemic and other statements about the Companys prospects, expectations, anticipations, estimates and intentions, results, levels of activity, performance, objectives, targets, goals or achievements, priorities and strategies, financial position, market position, capabilities, competitive strengths, beliefs, the prospects and trends of the industries in which the Company operates, the expected growth in demand for products and services in the markets in which the Company competes, research and product development activities, including projected design, characteristics, capacity or performance of future products and their expected scheduled entry to market, expected financial requirements and the availability of capital resources and liquidities or any other future events or developments and other statements that are not historical facts constitute forward-looking statements within the meaning of applicable securities laws. The words may, will, would, should, could, expects, forecasts, plans, intends, trends, indications, anticipates, believes, estimates, outlook, predicts, projects, likely or potential or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements. Forward-looking statements are presented for the purpose of assisting readers in understanding certain key elements of the Companys current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of the Companys business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes; readers should not place undue reliance on forward-looking statements contained herein. Forward-looking statements, by their very nature, involve inherent risks and uncertainties and are based on a number of assumptions, both general and specific, made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate and reasonable in the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct or that the Companys business guidance, objectives, plans and strategic priorities will be achieved. Many factors could cause the Companys actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the risk factors that are discussed in greater detail under the heading Risk Factors of its Annual Information Form and other filings filed with the securities regulatory authorities in each of the provinces and territories of Canada and the United States, available on SEDAR at sedar.com or EDGAR at sec.gov. The forward-looking statements contained in this press release represent BRPs expectations as of the date of this press release (or as of the date they are otherwise stated to be made), and are subject to change after such date. However, BRP disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
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For media enquiries: | For investor relations: | |
Elaine Arsenault | Philippe Deschênes | |
Senior Advisor, Media Relations | Investor Relations | |
Tel.: 514.238.3615 | Tel.: 450.532.6462 | |
media@brp.com | philippe.deschenes@brp.com |