Navico International Ltd. agreed to acquire the marine electronics
business of Brunswick New Technologies (BNT), a unit of Brunswick
Corporation (NYSE: BC). Subject to regulatory approvals, this
transaction, which is expected to close during March 2007, will create
the world's largest supplier of marine electronics for recreational
boats.
Included in the agreement are the three brands MX Marine, Navman
marine and Northstar. The combined businesses had revenues of USD 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. 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. The new
companies will expand Navico's commitment to providing performance,
safety and enjoyment on the water," said Jens-Thomas Pietralla,
President and CEO of Navico.
MX Marine has a 30-year heritage in providing high precision
navigation systems for commercial and government vessels.
Navman marine offers a portfolio of marine electronics products
and GPS solutions, designed and manufactured in New Zealand, and has
established a leading market position in Australasia as well as a
strong presence in Europe over the last 15 years.
Northstar has been a leader in the US marine electronics industry
for over 35 years, and now offers a range of solutions that combine
navigation, radar, and entertainment functionality. Boat builders and
boat owners alike value Northstar's systems.
"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 leading-edge technology to the Brunswick Boat
Group.
About Navico (www.navico.com)
Navico is the parent company to four well established marine
electronics brands: B&G, Eagle, Lowrance and Simrad. Navico has 2,500
employees and has revenues of approx. USD 300M. Navico is
headquartered in Lysaker, near Oslo in Norway. The company has
development and manufacturing facilities in Tulsa USA, Ensenada
Mexico, Egersund Norway, St0vring Denmark and Romsey UK.
