Future Mobility, also known by its brand Sealegs, late last year completed a $5.3million cash and script deal to enter the European and South African markets.
Prior to the US deal, Future Mobility had operations based in Auckland, Gemini Marine in Cape Town and Sillinger in Paris, boosting production capacity to more than 400 boats a year.
The conditional $US6.85million US agreement is $US1.65million cash up front then two further $US2.6million payments over two years, funded by cash and bank debt.
If the US deal is approved by Future Mobility's shareholders at a special general meeting, it is expected to be completed by the end of the year.
The Future Mobility style of amphibious boats, rigid bottom inflatable boats, are used by search and rescue, military, commercial and police operations, having been sold to dozens of countries during the past decade.
In July, Future Mobility announced the $1.5million purchase of Auckland-based Lancer Industries whose products include inflatable fendering systems, boats and an oil recovery barge, for use within the high-end retail, superyacht and commercial marine sectors.
Willard Marine has sold more than 2000 boats and for its year's trading to last December had revenue of $US13.1million.
Future Mobility chief executive Mark Broadley said in a market statement yesterday the Willard acquisition should broaden the company's geographic reach by adding the US to the group's strengths in Europe, around Africa, the UK and Asia Pacific regions.
''Equally, Willard should deepen and expand the Future Mobility Solutions group's customer base, especially in the military sector where Willard is especially strong,'' Mr Broadley said.
For its year to March, Future Mobility reported the sale of 86 boats, with annual revenue slipping from $18.5million the previous year to $17.7million, but profit rose from $507,000 to $627,000, with the company holding $3.23million in cash reserves.
Later in March, the Malaysian Civil Defence Force placed the largest one-off order for Sealegs vessels, seeking 23 craft in an order worth more than $3million.
Mr Broadley emphasised that sales to government and other commercial enterprises were often dependent on home content rules and Willard should enhance the company's ability to compete in the US for those mandates and opportunities.
Willard in the US was founded in 1957 and manufactures and sells a wide range of craft under brands Willard, SeaArk and Crystaliner, including numerous military-grade rigid inflatable boats with aluminium or fibreglass hulls.
Some of its present clients include the US Navy, including foreign military sales, US Army Corps of Engineers, Los Angeles County Fire Department, Washington DC Fire Department, Military Sealift Command, Shell Offshore Inc, Alaska Marine Highway System and the National Oceanographic and Atmospheric Administration.
Future Mobility shareholders are this week due to vote on delisting from the NZX and to list on the London Stock Exchange's AIM market.
