LAKE FOREST, Ill. — Brunswick Corporation announced late yesterday that it has signed a definitive agreement to sell Brunswick New Technologies’ portable navigation device operations of the Navman brand to MiTAC International Corp.
Based in Taiwan, MiTAC is said to be a leading manufacturer of personal computers, servers and mobile telecommunications devices, according to Brunswick’s release. MiTAC has manufacturing operations in Taiwan and the People’s Republic of China, as well as assembly centers in the United States, United Kingdom, Belgium, Germany and Japan. Its products are sold around the world.
“We are pleased to have found a strategic buyer with expertise and technologies central to PND products,” said Dustan E. McCoy, Brunswick chairman and chief executive officer. “We believe such a buyer is more apt to fully appreciate every segment of the business and will be able to focus on this business’ technological expertise, helping it reach its full potential.”
Brunswick announced in April 2006 its decision to pursue the sale of substantially all of its BNT business unit. PND is the second of three main areas of BNT operations to attract buyers recently. Navico International Ltd., based in Norway, recently agreed to buy BNT’s marine electronics brands, including MX Marine, Northstar and relevant operations of Navman. Efforts to sell Navman’s remaining fleet management operations continue.
Terms of the transaction were not disclosed. Completion of the sale is subject to regulatory approvals.
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