Brunswick Corporation today announced it has signed a definitive agreement to sell Brunswick New Technologies' marine electronics operations to Navico International Ltd. The purchase will include the Northstar, MX Marine and Navman marine brands. Terms of the transaction were not disclosed. Completion of the sale is subject to regulatory approvals.
Navico, based in Lysaker, Norway, is a leading supplier of marine electronics with its Lowrance, Simrad, and Eagle and B&G marine electronics brands.
'When we announced our intent to sell portions of Brunswick New Technologies (BNT), we stated at that time that we believed that BNT's long- term prospects may be better achieved under different ownership -- one that is focused on BNT's technological expertise -- to enable it to reach its full potential,' explained Dustan E. McCoy, Brunswick chairman and chief executive officer. 'As such, we are particularly pleased to find such a strategic buyer who already has a significant presence in the global marine electronics marketplace.'
The company said the transaction also includes a supply agreement whereby Brunswick will purchase Navico products.
Brunswick announced in April 2006 its decision to pursue the sale of substantially all of its BNT business unit, which includes fleet management, marine electronics and portable navigation device (PND) products. The company said it is continuing to pursue the sale of the fleet management and PND segments of the business.