LYSAKER/OSLO, Norway – European manufacturer Navico International Ltd. has agreed to acquire the marine electronics business of Brunswick New Technologies (BNT), a unit of Brunswick Corp. (NYSE: BC).
Subject to regulatory approvals, this transaction, which is expected to close in March, will create the world's largest supplier of marine electronics for recreational boats, according to Navico.
Included in the agreement are the three brands MX Marine, Navman marine and Northstar. The combined businesses had revenues of $50 million in 2006 with primary operating facilities in New Zealand, the United States, Australia, and the United Kingdom.
"We are truly excited to add these three highly-regarded brands to the Navico range, thus forming the clear global leader in marine electronics for recreational boats with an estimated market share of 25 percent,” said Jens-Thomas Pietralla, president and CEO of Navico. “MX Marine, Navman marine and Northstar will further strengthen Navico's house of brands strategy, which includes already the renowned B&G, Eagle, Lowrance and Simrad brand names."
MX Marine provides navigation systems for commercial and government vessels. Navman marine offers a portfolio of marine electronics products and GPS solutions.
And Northstar now offers a range of solutions that combine navigation, radar, and entertainment functionality.
"With this acquisition, Navico will expand its product line-up with key innovations out of Brunswick marine electronics' portfolio, which is known for its design and user-friendliness - an area of increasing importance in light of growing functionality and convergence of devices," said Pietralla. "This deal will further strengthen our presence in the Asia Pacific markets, which are expected to be a major source of growth for the marine electronics industry."
As part of the transaction, Brunswick will enter into a supply agreement with Navico, which secures a close partnership with all Navico brands to supply its technology to the Brunswick Boat Group.
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