LAKE FOREST, Ill. – Brunswick Corp.-owned computer navigation and GPS firm Navman is on track to break into the billions of dollars in sales in 2009 – New Zealand dollars, that is – according to an article published Monday by the Manawatu Standard of New Zealand.
Brunswick reported in late July that Navman’s revenues were up 70 percent to NZ$228 million during fiscal 2004, while profits had tripled, hitting NZ$16.5 million.
While the company, which produces marine electronics in addition to its automotive business, sold its Navman USA and Navman Wireless UK subsidiaries to other Brunswick businesses earlier this year, it has made significant investments in its New Zealand headquarters, where its management team is based.
Brunswick spokesman Dan Kubera told the newspaper that the transfer of the subsidiaries was intended to help the company meet statutory requirements and “provide consistency in how certain units are organized.”
“To read anything more into these actions as some type of harbinger or signal as to a shift in the direction or strategy of Navman away from New Zealand would be an unfortunate mistake,” he said. “Navman New Zealand remains the hub of the Navman organization.”
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