Navico International Ltd. has agreed to purchase the marine electronics business of Brunswick New Technologies, a unit of Brunswick Corporation, subject to regulatory approvals.
In the transaction, which is expected to close during March 2007, Navico will acquire MX Marine, Navman Marine and Northstar, adding three brands with complementary products to Navico’s already high-profile portfolio.
Navico (Australia) general manager Todd Moore said the addition of these brands would further strengthen the company’s position as the world’s largest supplier of marine electronics for recreational boats.
'This latest news builds on Norwegian investment company Altor’s 2006 acquisition of Lowrance Electronics Inc. and subsequent merger with Simrad Yachting AS to form the global marine electronics giant that is Navico,' Mr Moore said.
'Navico’s international ‘house of brands’ strategy includes B&G, Simrad, Lowrance and Eagle marine electronics, so the addition of these new brands – with a combined revenue of US$50 million last year – will expand Navico’s commitment to providing performance, safety and enjoyment on the water.'
With the opportunity to take full advantage of powerful synergies in research and development, production and marketing, Navico is set to change the global landscape of recreational and commercial marine electronics.
As part this massive enterprise, Navico employees in Australia and around the world are looking towards a very exciting and rewarding future.
Navico – (07) 5523 6500 or visit: www.navico.com