Two of the world's most important players in marine electronics, Simrad and Lowrance, have merged and established the company Navico. Navico develops, manufactures, markets and sells equipment branded Simrad, Lowrance, B&G and Eagle, which are distributed in more than 50 countries all over the world. Navico has approximately 2,500 employees and is set to reach a turnover of nearly NOK 2 billion in 2006.
A spokseman commented this week 'Navico has every opportunity to further enhance our position in maritime electronics. We also wish to explore the prospects of extending our range of navigation equipment for aircraft and cars, as well as for the leisure market.
'The integration of the two companies is already well advanced. We have acquired an overarching company name and have started to form a common culture. Our sales and marketing work will be focused on our four complementary brand names of Simrad, Lowrance, B&G and Eagle. Navico will act as the worldwide developer and manufacturer and be responsible for marketing and distribution of these well-known brand names.
'Navico's main challenges are to build a strong common identity and to ensure that all deliveries maintain at the same high level – across all product categories, countries and brands.
'We have already started to enjoy the economies of scale that were gained by merging the two companies. By concentrating on further product development and marketing, among other things, Navico intends to carry on the former companies' ground-breaking traditions.'